Mainland Resources Inc. began operations on June

June Gave common shares to the organizers of the corporation in exchange for accounting and legal services valued at $

Received $ cash per share for the issuance of common shares.

Issued preferred shares for cash of $ per share.

common shares were issued to a creditor who was owed $

The board of directors declared a cash dividend of $ on the preferred shares and $ on the common shares to shareholders of record on June payable July

common shares were issued in exchange for machinery with a fair market value of $ The shares were actively trading on this date at $ per share.

July The dividends declared on June were paid.

Required:

Journalize the above equity transactions that occurred during the first month of operations. Cash dividend account is used for declaring dividends.

Answer rating: 100% (QA)

Here are the journal entries for the equity transactions of Mainland Resources Inc ... View the full answer