[The following information applies to the questions displayed below.] Shares sold for consideration other than cash (maybe services or a noncash asset) should be recorded at the fair value of the shares or the noncash consideration, whichever seems more clearly evident.

Todd Corporation sold 4 million of its $1 par common shares at $6 per share. The company received net proceeds from the public offering of $23,600,000, after deducting legal, promotional, and accounting services necessary to effect the sale. Prepare the appropriate journal entry for the sale of the stock. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)