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 120 million common shares, $1 par per share. Required: Prepare the appropriate journal entries to record each transaction. Jan. 9 Issued 90 million common shares for $30 per share. Mar. 11 Issued 6,000 shares in exchange for custom-made equipment. McCollums shares have traded recently on the stock exchange at $30 per share. Part B A new staff accountant for the McCollum Corporation recorded the following journal entries during the second year of operations. McCollum retires shares that it reacquires (restores their status to that of authorized but unissued shares). ($ in millions) Date General Journal Debit Credit Sept. 1 Common stock 2 Retained earnings 68 Cash 70 Dec. 1 Cash 36 Common stock 1 Gain on sale of previously issued shares 35 Required: Prepare the journal entries that should have been recorded for each of the transactions.