Section 6 Corporation's Share Issuance Journal Entries (3 marks) Sheryl Inc. is authorized to issue 70,000, $9, cumulative preferred shares, and 750,000 common shares. Required: Prepare journal entries to record the following transactions that occurred during the first quarter of operations: Jan. 2, 2022: Feb. 20, 2022 Mar. 26, 2022 Issued 95,000 common shares @ $6 per share for cash Exchanged 8,500 common shares for machinery and equipment with a fair market value of $100,000. Exchanged 800 common shares for $4,500 in legal fees incurred during the organization. I 1

Sheryl Inc. is authorized to issue \\( 70,000, \\$ 9 \\), cumulative preferred shares, and 750,000 common shares Required: Prepare journal entries to record the following transactions that occurred during the first quarter of operations: \\( \\operatorname{Jan} \\) 2, 2022 Issued 95,000 common shares @ \\$6 per share for cash Feb 20,2022 Exchanged 8,500 common shares for machinery and equipment with a fair market value of \\( \\$ 100,000 \\) Mar. 26, 2022 Exchanged 800 common shares for \\( \\$ 4500 \\) in legal fees incurred during the organization