15 3 points 02:10:37 Print References Mc Mainland Resources Inc. began operations on June 5, 2023. 2023 June 5 Gave 4,000 common shares to the organizers of the corporation in exchange for accounting and legal services valued at $84,600. 15 Received $23 cash per share for the issuance of 76,000 common shares. 16 Issued 10,000 preferred shares for cash of $40 per share. 17 8,000 common shares were issued to a creditor who was owed $131,000. 18 The board of directors declared a cash dividend of $19,600 on the preferred shares and $5,100 on the common shares to shareholders of record on June 20, payable July 1. 30 151,000 common shares were issued in exchange for machinery with a fair market value of $2,767,000. The shares were actively trading on this date at $17.00 per share. July 1 The dividends declared on June 18 were paid. Required: Journalize the above equity transactions that occurred during the first month of operations. Cash dividend account is used for declaring dividends. View transaction list View journal entry worksheet No Date General Journal 1 June 05, 2023 Organization expenses Common shares 2 June 15, 2023 Cash Common shares 3 June 16, 2023 Cash Preferred shares 4 June 17, 2023 Accounts payable # Debit Credit 84,600 84,600