During its first year of operations, Eastern Data LinksCorporation entered into the following transactions relating toshareholders’ equity. The articles of incorporation authorized theissue of 7 million common shares, $1 par per share, and 1 millionpreferred shares, $50 par per share.
| Feb. | | 12 | | Sold 2 million common shares, for $10 per share. |
| | 13 | | Issued 35,000 common shares to attorneys in exchange for legalservices. |
| | 13 | | Sold 76,000 of its common shares and 4,000 preferred shares fora total of $1,015,000. |
| Nov. | | 15 | | Issued 400,000 of its common shares in exchange for equipmentfor which the cash price was known to be $3,908,000. |
Required:
Prepare the appropriate journal entries to record each transaction.(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.)
