Question: 6 points Michael Inc. is authorized to issue 50,000, $8, no par value, cumulative, fully participating preferred shares, and 750,000 no par value common

6 points 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 15 Feb. 1 Sold 76,000 common shares for $8.5 per share, cash. < Exchanged 10,000 preferred shares for equipment with a fair market value of $89,000. < Exchanged 600 common shares for $3,000 worth of legal fees incurred during organization. Your answer

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