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During its first year of operations, Eastern Data Links Corporation entered into the following transactions...

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Accounting

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 2 million common shares, for $9 per share.

Feb. 13 Issued 38,000 common shares to attorneys in exchange for legal services.

Feb. 13 Sold 78,000 of its common shares and 5,500 preferred shares for a total of $1,030,000.

Nov. 15 Issued 415,000 of its common shares in exchange for equipment for which the cash price was known to be $3,968,000.

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.)

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