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

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Accounting

During its first year of operations, Eastern Data LinksCorporation entered into the following transactions relating toshareholders’ equity. The articles of incorporation authorized theissue of 7 million common shares, $1 par per share, and 1 millionpreferred shares, $50 par per share.
Feb. 12 Sold 2 million common shares, for $10 per share.
13 Issued 35,000 common shares to attorneys in exchange for legalservices.
13 Sold 76,000 of its common shares and 4,000 preferred shares fora total of $1,015,000.
Nov. 15 Issued 400,000 of its common shares in exchange for equipmentfor which the cash price was known to be $3,908,000.

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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Eastern Data Links Corporation Genral Journal Date Account Titles Explanations Debit Credit Working Feb 12 CashBank Dr 20000000 2000000 10 Common Stock Cr 2000000 2000000 1 Paid in See Answer

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

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Accounting

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Feb.	12	Sold 2 million common shares, for $10 per share.
	13	Issued 35,000 common shares to attorneys in exchange for legalservices.
	13	Sold 76,000 of its common shares and 4,000 preferred shares fora total of $1,015,000.
Nov.	15	Issued 400,000 of its common shares in exchange for equipmentfor which the cash price was known to be $3,908,000.