Sheryl Inc. is authorized to issue 70,000, $9, cumulative preferred shares, and 750,000 common shares. Prepare journal entries to record the following transactions that occurred during the first year of operations: Jan 10 Sold 85000 common shares for $6 each Jan 15 Exchanged 5000 preferred shares for equipment with a fair market value of $65,000 Feb 1 Exchange 500 common shares for legal fees for organizing the business for a fair market value of $3,000 Show calculations