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

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 6 million common shares, $1 par per share, and 3 million preferred shares, $50 par per share.

   

Feb. 12 Sold 2 million common shares, for $9 per share.
13 Issued 45,000 common shares to attorneys in exchange for legal services.
13 Sold 85,000 of its common shares and 3,500 preferred shares for a total of $985,000.
Nov. 15

Issued 370,000 of its common shares in exchange for equipment for which the cash price was known to be $3,788,000.

   

Note: FMV of the common stock is $9 per share

  

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