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During its first year of operations, Cole's Electronics Inc. completed the following transactions relating to...

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Accounting

During its first year of operations, Cole's Electronics Inc. completed the following transactions relating to shareholders' equity.

January 5: Issued 1,600,000 shares of common stock for $31 per share.

February 12: Issued 26,000 shares of common stock to accountants for $806,000 of professional services.

The articles of incorporation authorize 5,000,000 shares of common stock with a par of $1 per share and 1,000,000 preferred shares with a par of $100 per share.

Required:

Record the above transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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