This problem has been solved! see the answerduring 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 7 million common shares, $1 par per share, and 1 million preferred shares, $50 par per share. feb. 12 sold 2 million common shares, for $10 per share. 13 issued 35,000 common shares to attorneys in exchange for legal services. 13 sold 76,000 of its common shares and 4,000 preferred shares for a total of $1,015,000. nov. 15 issued 400,000 of its common shares in exchange for equipment for which the cash price was known to be $3,908,000. note: fmv of the common stock is $10 per shareprepare the appropriate journal entry to record each of the following transactions: 1. sold 2 million common shares for $10 per share2. issued 35000 common shares to attorneys in exxhange for legal services3.sold 76000 of its common shares and 4000 of its preferred shares for a total of 10150004. issued 4 of its common shares in exchange for equiptment for which the cash price was known to be 3908000