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Prepare journal entries to record the transactions

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Question - Michal inc. is authorized to issue 50000, $8 no par value, cumulative, fully participating preferred shares, and 75000 par value common shares. Prepare journal entries to record the following transactions that occurred during the first year of operations:

Jan 10 sold 76000 common shares for $8.5 per share, cash.

Jan 15 exchange 10000 preferred shares for equipment with a fair market value of 89000.

Feb 1 exchange 600 common shares for 3000 worth of legal fees incurred during organization.

Reference no: EM132863580

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