Chapter 4, Problem 4.2E

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.

Accounting

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