Mainland Resources Inc. began operations on June 5, 2020. 2020 June 5 Gave 4,000 common shares to the organizers of the corporation in exchange for accounting and legal services valued at $85,100. 15 Received $22 cash per share for the issuance of 81,000 common shares. 16 Issued 10,000 preferred shares for cash of $45 per share. 17 8,000 common shares were issued to a creditor who was owed $136,000. 18 The board of directors declared a cash dividend of $20,100 on the preferred shares and $5,600 on the common shares to shareholders of record on June 20, payable July 1. 30 156,000 common shares were issued in exchange for machinery with a fair market value of $2,696,000. The shares were actively trading on this date at $16.00 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