Business, 02.04.2020 21:57 popt9710

During its first year of operations, Eastern Data Links Corporationentered into the following transactions relating to shareholders’equity. The articles of incorporation authorized the issue of 8 millioncommon shares, $1 par per share, and 1 million preferred shares $50 par per shares Prepare the appropriate journal entries to record each transaction:Feb. 12 Sold 2 million common shares for $9 per shareCash (2 million x $9) 18 000 000© Dr. Chula KingAll Rights ReceivedCash (2 millionx $9) 18,000,000Common stock (2 million x $1) 2,000,000PIC in excess of par-C/S (2 million x $8) 16,000,000Feb. 13 Issued 40,000 common shares to attorneys in exchange for legalservicesLegal expense (40,000 x $9) 360,000Common stock (40,000 x $1) 40,000PIC in excess of par-C/S (40,000 x $8) 320,000

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