Unit 7 AS: Exercises and Problems (Connect) i Saved Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate 10 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 10 million common shares, $1 par per share, and 1 million preferred shares, $50 par per share. 10 points Feb. 12 Sold 3 million common shares, for $11 per share. 13 Issued 49, 000 common shares to attorneys in exchange for legal services. 13 Sold 73,000 of its common shares and 3,000 preferred shares for a total of $1, 005,000. Nov. 15 Issued 390, 000 of its common shares in exchange for equipment for which the cash price was known to be $3, 868,090. Required: Prepare the appropriate journal entries to record each transaction. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) x Answer is complete but not entirely correct. No Date General Journal Debit Credit 1 February 12 Cash 33,000,000 Common stock 3,000,000 Paid-in capital - excess of par, common 30,000,000 2 February 13 Legal expenses 539,000 Common stock 49,000 Paid-in capital - excess of par, common 190,000 Mc Graw Type here to search O g 180Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not i 10 No Date General Journal Debit Credit 1 February 12 Cash 33,000,000 Common stock 8,000,000 10 Paid-in capital - excess of par, common 80,000,000 points 2 February 13 Legal expenses 539,000 Common stock 49,000 Paid-in capital - excess of par, common 490,000 3 February 13 Cash 1,005,000 Common stock 73,000 Paid-in capital - excess of par, common 730,000 Paid-in capital - excess of par, preferred 150,000 X Preferred stock 52,000 X 4 November 15 Property, plant, and equipment 3,868,000 Common stock 390,000 Paid-in capital - excess of par, common 3,478,000 MC Graw Hill Type here to search O 1080 acer