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: 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 $4,500 in legal fees incurred during the organization