Exercise $18-7($Algo$)$ Share issue costs; issuance $[$LO$18-4]$

Liu Industries issued $16$ million of its $$1$ par common shares for $$444$ million on April $11.$ Legal, promotional, and accounting services necessary to effect the sale cost $$2$ million.

Required:

Prepare the journal entry to record the issuance of the shares.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers in millions $($i$.$e$.,10,000,000$ should be entered as $10).$

Journal entry worksheet

$1$

Record the issuance of the shares.

Note: Enter debits before credits.

$\backslash$table$[[$Event$,$General Journal,Debit,Credit$],[1,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$