Do not give image format DateSept. 1Part ADuring its first year of operations, the McCollum Corporation entered into the following transactions relating toshareholders' equity. The corporation was authorized to issue 110 million common shares, $1 par per share.Required:Prepare the appropriate journal entries to record each transaction.Jan. 9 Issued 60 million common shares for $25 per share.Mar. 11 Issued 4,900 shares in exchange for custom-made equipment. McCollum's shares have tradedrecently on the stock exchange at $25 per share.Dec. 1savedPart BA new staff accountant for the McCollum Corporation recorded the following journal entries during the second yearof operations. McCollum retires shares that it reacquires (restores their status to that of authorized but unissuedshares).General JournalCommon stockRetained earningsCashCashCommon stockGain on sale of previously issued shares($ in millions)Debit Credit411662Help120Complete this question by entering your answers in the tabs below.Save & Exit260Required:Prepare the journal entries that should have been recorded for each of the transactions.Submit

Journal entry : Method of recording financial transactions in the book of original entry by debiting…

Part A During its first year of operations, the McCollum Corporation entered into the following transactions relating to shareholders' equity. The corporation was authorized to issue 110 million common shares, $1 par per share. Required: Prepare the appropriate journal entries to record each transaction. Jan. 9 Issued 60 million common shares for $25 per share. Mar. 11 Issued 4,900 shares in exchange for custom-made equipment. McCollum's shares have traded recently on the stock exchange at $25 per share. Part B A new staff accountant for the McCollum Corporation recorded the following journal entries during the second year of operations. McCollum retires shares that it reacquires (restores their status to that of authorized but unissued shares). Date Sept. 1 Common stock Dec. 1 General Journal. Retained earnings Cash Cash Common stock Gain on sale of previously issued shares ($ in millions) Debit Credit 4 116 62 120 Complete this question by entering your answers in the tabs below. 2 60 Required: Prepare the journal entries that should have been recorded for each of the transactions.