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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 40 million common shares for $12 per share. Mar. 11 Issued 4, 100 shares in exchange for custom-made equipment. McCollum's shares have traded recently on the stock exchange at $12 per share