Chapter 13, Problem 13.4E

account

Exercise 18-5 (Algo) Issuance of shares; noncash consideration [LO18-4] 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 8 million common shares, $1 par per share, and 2 million preferred shares, $50 par per share. February 12 Sold 4 million common shares, for $10 per share.. February 13 Issued 47,000 common shares to attorneys in exchange for legal services. February 13 Sold 75,000 of its common shares and 4,580 preferred shares for a total of $995,000. November 15 Issued 380,000 of its common shares in exchange for equipment for which the cash price was known to be $3,828,000. 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.

Nelson Corporation sells three different products. Please provide answer the general accounting question not use ai