C ACCA W ri2020 SHE Homework Help Save & Exit Submit Check my work Part A During its first year of operations, the McCollum Corporation entered into the following transactions relating to shareholders' equity. The corporation was authorized to issue 110,000,010 common shares. $1 par per share. Required: Prepare the appropriate journal entries to record each transaction eBook Jan. 9 Issued 70.000.000 common shares for $28 per share. Mar. 11 Issued 5,200 shares in exchange for custom made equipment. Mocollus'shares have traded recently on the stock exchange at $28 per share. Part B A new staff accountant for the McCollum Corporation recorded the following journal entries during the second year of operations. McCollum retires shares that it reacquires (restores their status to that of authorized but unissued shares) Debit Date Jan. 12 General Journal Land Paldis capital donation of land 3.000.000 Credit 3,000,000 Sept. 1 common stock Retained earnings 2.000.000 64,000,000 66,000,000 Dee. I 34,000,000 Cash C on toek Cain on sale of previously 1.000.000 33.000.000 sed shares Required: Prepare the journal entries that should have been recorded for each of the transactions