The equity section of the December 31, 2022, balance sheet for Delicious Alternative Desserts Inc. showed the following:

Delicious Alternative Desserts Inc. Equity Section of the Balance Sheet December 31, 2022 Contributed capital: Preferred shares, $0.40 cumulative; 80,000 shares authorized; 61,000 shares issued and outstanding $ 244,000 Common shares; 250,000 shares authorized; 121,000 shares issued and outstanding 193,600 Total contributed capital $ 437,600 Retained earnings 148,000 Total equity $ 585,600

During the year 2023, the company had the following transactions affecting equity accounts:

Jan. 3 Sold 21,000 common shares for a total of $36,120 cash. Mar. 1 Sold 5,000 preferred shares at $4.90 each; cash. June 15 Exchanged 7,000 common shares for equipment with a fair market value of $26,500. The last common share trade was dated March 15 at $4.89. Dec. 31 Closed the Income Summary account, which showed a credit balance of $281,000. The board of directors had not declared dividends for the past two years (2022 and 2023).

Required: 1. Journalize the above transactions.