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 1 million preferred shares, $50 par per share. feb. 12 sold 2 million common shares, for $9 per share. 13 issued 40,000 common shares to attorneys in exchange for legal services. 13 sold 80,000 of its common shares and 4,000 preferred shares for a total of $945,000. nov. 15 issued 380,000 of its common shares in exchange for equipment for which the cash price was known to be $3,688,000