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hi, im having a hard time solving this problem from Chapter 12. problem 12.5 from the Fundamenrals of accounting 2017 June 5 15 16 17

hi, im having a hard time solving this problem from Chapter 12. problem 12.5 from the Fundamenrals of accounting image text in transcribed
image text in transcribed
2017 June 5 15 16 17 18 Gave 4.000 common shares to the organizers of the corporation in exchange for accounting and legal services valued at $84,500. Received $22 cash per share for the issuance of 75.000 common shares. Issued 10,000 preferred shares for cash or $34 per share. 8,000 common shares were issued to a creditor who was owed $130.000. The board of directors declared a cash dividend of $19,500 on the preferred shares and $5.000 on the common shares to shareholders of record on June 20. payable July 1. 150,000 common shares were issued in exchange for machinery with a fair market value of $2.600.000. The shares were actively trading on this date at $16.00 per share. The dividends declared on June 18 were paid. 30 July 1 Click here for a description of List: Exercise 12-5. Exercise 12-5 Issuing shares LO3.4 Mainland Resources Inc. began operations on June 5, 2017. Journalize the following equity transactions that occurred during the first month of operations: 2017 June 5 15 16 17 18 Gave 4.000 common sharos to the organizers of the corporation in exchange for accounting and legal services valued at $84,500. Received $22 cash per share for the issuance of 75,000 common shares. Issued 10.000 preferred shares for cash or $34 per share. 8.000 common shares were issued to a creditor who was owed $130.000. The board of directors declared a cash dividend of $19,500 on the preferred shares and $5,000 on the common shares to shareholders of record on June 20. payable July 1. 150,000 common shares were issued in exchange for machinery with a fair market value of $2.600.000. The shares were actively trading on this date at $16.00 per share. The dividends declared on June 18 were paid. 30 July 1 Click here for a description of List: Exercise 12-5

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