During its first year of operations, Eastern Data Links Corporation entered into the following transactions...
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Accounting
During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating to shareholders equity. The articles of incorporation authorized the issue of 9 million common shares, $1 par per share, and 3 million preferred shares, $50 par per share.
February 12
Sold 4 million common shares, for $9 per share.
February 13
Issued 37,000 common shares to attorneys in exchange for legal services.
February 13
Sold 78,000 of its common shares and 5,000 preferred shares for a total of $1,025,000.
November 15
Issued 410,000 of its common shares in exchange for equipment for which the cash price was known to be $3,948,000.
Required:
Prepare the appropriate journal entries to record each transaction.
Note: If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions.
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