Problem $18-1($Algo$)$ Various stock transactions; correction of journal entries $[$L$018-4]$

Part A

During its first year of operations, the A$.$ Clem Corporation entered into the following transactions relating to shareholders' equity. The

corporation was authorized to issue $113$ million common shares, $$1$ par per share.

Required:

Prepare the appropriate journal entries to record each transaction.

January $9$ Issued $70$ million common shares for $$30$ per share.

March $11$ Issued $5,300$ shares in exchange for custom$-$made equipment. A$.$ Clem shares have traded recently on the stock

exchange at $$30$ per share.

Part B

A new staff accountant for the A$.$ Clem Corporation recorded the following journal entries during the second year of operations. A$.$

Clem retires shares that it reacquires $($restores their status to that of authorized but unissued shares$).$

Required:

Prepare the journal entries that should have been recorded for each of the transactions.

Part A

Prepare the appropriate journal entries to record each transaction.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your

answers in dollars rather than millions $($i$,$e$.,10$ million should be entered as $10,000,000).$

Part A

Prepare the journal entries that should have been recorded for each of the transactions.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first accou

answers in dollars rather than millions $($i$,$e$.,10$ million should be entered as $10,000,000).$