Business, 20.08.2019 19:20, romanlittlewood

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 6 million common shares, $1 par per share, and 1 million preferred shares, $50 par per share. feb. 12 sold 2 million common shares, for $8 per share. 13 issued 44,000 common shares to attorneys in exchange for legal services. 13 sold 71,000 of its common shares and 8,500 preferred shares for a total of $1,060,000. nov. 15 issued 445,000 of its common shares in exchange for equipment for which the cash price was known to be $4,088,000. required: prepare the appropriate journal entries to record each transaction.

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During its first year of operations, eastern data links corporation entered into the following trans...