Michael Inc. is authorized to issue 50,000, $8, 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 Sold 76,000 common shares for $8.5 per share, cash. 15 Exchanged 10,000 preferred shares for equipment with a fair market value of $89,000.- Feb. 1 Exchanged 600 common shares for $3,000 worth of legal fees incurred during organization