Question: During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating to shareholders' equity. The articles of incorporation authorized

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 8 million common shares, $1 par per share, and 1 million preferred shares, $50 par per share. Feb. 12 Sold 3 million common shares, for $10 per share. 13 Issued 43,000 common shares to attorneys in exchange for legal services. 13 Sold 83,000 of its common shares and 2,000 preferred shares for a total of $950,000. Nov. 15 Issued 360,000 of its common shares in exchange for equipment for which the cash price was known to be $3,748,000. View transaction list :X: > 1 Sold 3 million common shares, for $10 per share. Issued 43,000 common shares to attorneys in exchange for legal services. 2 Sold 83,000 of its common shares and 2,000 preferred shares for a total of $950,000. Issued 360,000 of its common shares in exchange for equipment for which the cash price was known to be $3,748,000. 4 Credit

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Intermediate Accounting 6th edition by J. David Spiceland, James Sepe, Mark Nelson

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