Ret 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 111 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 $26 per share. Mar. 11 Issued 5,100 shares in exchange for custom-made equipment. McCollum's shares have traded recently on the stock exchange at $26 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). Date Sept. $ in millions) Debit Credit General Journal Common stock Retained earnings Cash 120 124 Dec. 1 54 Cash Common stock Gain on sale of previously issued Required: Prepare the journal entries that should have been recorded for each of the transactions. Answer is not complete. Complete this question by entering your answers in the tabs below. Prev15 0 6 Next >