6 points Michael Inc. is authorized to issue 50,000, 58, no par value, cumulative, fully participating preferred shares, and 750,000 no par value common shares. Prepare journal entries to record the following transactions that occurred during the first year of operations: (6 marks) Jan. 10 15 Feb. 1 Sold 76,000 common shares for $8.5 per share, cash. Exchanged 10,000 preferred shares for equipment with a fair market value of $89,000.- Exchanged 600 common shares for $3,000 worth of legal fees incurred during organization