Problem 18-1 (Algo) Various stock transactions; correction of journal entries [LO18-4] Part A During its first year of operations, the McCollum Corporation entered into the following transactions relating to shareholders' equity. The corporation was authorized to issue 109 million common shares, \$1 par per share. Required: Prepare the appropriate journal entries to record each transaction. Jan. 9 Issued 60 million common shares for $24 per share. Mar. 11 Issued 4,800 shares in exchange for custom-made equipment. McCollum's shares have traded recently on the stock exchange at $24 per share. Part B A new staff accountant for the McCollum Corporation recorded the following journal entries during the second year of operations. McCollum retires shares that it reacquires (restores their status to that of authorized but unissued shares). Required: Prepare the journal entries that should have been recorded for each of the transactions. Complete this question by entering your answers in the tabs below. Prepare the appropriate journal entries to record each transaction. Enter your answers in dollars rather than millions (i,e., 10 million should be entered as 10,000,000). Journal entry worksheet Record the issue of 60 million common shares for $24 per share. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare the journal entries that should have been recorded for each of the transactions. (Enter your answers in dollars rather than millions (i,e., 10 million should be entered as 10,000,000).) Journal entry worksheet Record the stock transaction occurring on Sept. 1. Note: Enter debits before credits