Return to question Required: Prepare the appropriate journal entries to record each transaction. Jan T 9 i llion shares for $25 per share. Mar. 11 Issued 5,700 shares in exchange for custom-made equipment. McCollum exchange at $25 per share. aded recently on the stock points 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). 6 in millions) Debit Credit Date Sept. 1 Common stock Retained earnings Cach Dec. 1 Cash Gain on sale of previously issued shar 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. Part A Part B Prepare the journal entries that should have been recorded for each of the transactions. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in millions (.e., 10,000,000 should be entered as 10).) NO General Journal Credit Date Sept 1 Retained earnings Common stock Debit 116,000,000 5,700 136,800 $ Paid in capital excess of par ( Part A