E$2-7($Algo$)$ Recording Journal Entries $[$LO $2-3,$ LO $2-5]$Madison Shoes manufactures athletic shoes and sports apparel. Assume the following activities occurred during a recent year. The dollar amounts in $($a$)$ and $($b$)$ are presented $"$in millions," and the dollar amount in $($c$)$ is per share. When reporting amounts $"$in millions," exclude the $000,000.$Purchased $$246$ in equipment; paid by signing a $$7$ long$-$term note and fulfilling the rest with cash.Issued $$34$ in additional common stock for cash contributions made by stockholders.Several Madison Shoes investors sold their own stock to other investors on the stock exchange for $$150$ per share of stock. Required:For each of the events above, prepare journal entries.Which statement best describes transaction $($c$)?$