am. 256. **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 9 million common shares, $1 par per share, and 3 million preferred shares, $50 par per share.**- **February 12:** Sold 2 million common shares, for $10 per share.- **February 13:** Issued 48,000 common shares to attorneys in exchange for legal services.- **February 13:** Sold 72,000 of its common shares and 5,000 preferred shares for a total of $1,000,000.- **November 15:** Issued 385,000 of its common shares in exchange for equipment for which the cash price was known to be $3,848,000.**Required:**Prepare the appropriate journal entries to record each transaction. **Note:** 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 and not in millions.

Name: am. 256. **During its first year of operations, Eastern Data Links Cor
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: am. 256. **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 9 million common shares, $1 par per share,