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 $84,400. 15 Received $21 cash per share for the issuance of 74.000 common shares. 16 Issued 10,000 preferred shares for cash of $38 por share. 17 8,000 common shares were issued to a creditor who was owed $129,000. 18 The board of directors declared a cash dividend of $19,400 on the preferred shares and $4,900 on the common shares to shareholders of record on June 20, payable July 1. 30 149,000 common shares were issued in exchange for machinery with a fait market value of $2,435,000. The shares were actively trading on this date at $15.00 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. No General Journal Data June 05, 2020 Credit Organization expenses Common shares Debit 84,400 OS 84.400 2 June 15, 2020 Cash Common shares 1.554,000 1.654.000 3 June 16, 2020 380.000 Cash Preferred shares 380,000 June 17, 2020 129,000 Accounts payable Common shares oo 129.000 24 300 5 June 18, 2020 00 Cash dividends Common dividends payable Preferred dividends payable 4.000 19400 2.235.000 6 June 30, 2020 2,235,000 Machinery Common shares 4.900 19.400 7 July 01, 2020 Common dividends payable Preferred dividends payable Cash 2.300