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 $$85,000.$

$15$ Received $$21$ cash per share for the issuance of $80,000$ common shares.

$16$ issued $10,000$ preferred shares for cash of $$44$ per share.

$178,000$ common shares were issued to a creditor who was owed $$135,000.$

$18$ The board of directors declared a cash dividend of $$20,000$ on the preferred shares and $$5,500$ on the common shares to shareholders

of record on June $20,$ payable July $1.$

$30155,000$ common shares were issued in exchange for machinery with a fair market value of $$2,525,000.$ The shares were actively trading

on this date at $$15\mathrm{.}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

Journal entry worksheet

Record the issue of $4,000$ common shares to promoters.

Note: Enter debits before credits.