10, and 31. 2017. Journalize the following equity transactions Exercise 12-5 Issuing shares L03,4 Mainland Resources Inc. began oper that occurred during the first month o Pegan operations on June 6, 2017. Journa month of operations: 2017 June 5 common shares to the organizers of the corporation in exch 15 16 17 18 corporation in exchange for accounting and legal services Gave 4,000 common sharest valued at $84,500. Received $22 cash per share for the issued 10,000 preferred shares for casi 8,000 common shares were issue of $19,500 on the preferred shares and $5,000 on the common The board of directors declared a cash change for machinery with a fair market value of $2,600,000. The 150,000 common shares were issued in shares were actively trading on this date at $16.00 per share. The dividends declared on June 18 were paid. ce of 75,000.common shares. preferred shares for cash of $39 per share. common shares were issued to a creditor who was owed $130,000 Shareholders of record on June 20, payable July 1. 30 July 1 Exercise 12-6 Issuing shares; equity L02,3,4 CHECK FIGURE: b. Total equity = $413,500 Westby Corp., a high school uniform manufacturer, was authorized to issue an unlimited number of common shares. During January 2017, its first month of operations, the following selected transactions occurred: Jan. 1 5 15 1,000 shares were issued to the organizers of the corporation. The total value of the shares was determined to be $12,000. 15,000 shares were sold to various shareholders for $13.50 each. The board of directors declared a cash dividend of $0.75 per common share to sharemos January 19, payable January 31. 4,000 shares were issued in exchange for land valued at $48,000. The shares were actively trading on this date at $11.50 per share. Closed the Income Summary account, which showed a credit balance of $165,000. Paid the dividends declared on January 15. 20 21 31