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Prepare appropriate journal entry to record each transaction

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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.

Feb. 12 Sold 3 million common shares, for $11 per share.

Feb. 13 Issued 49,000 common shares to attorneys in exchange for legal services.

Feb. 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 $3,868,000.

Required:

Problem 1: Prepare the appropriate journal entries to record each transaction

Reference no: EM132654476

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