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 $83,700. 15 Received $22 cash per share for the issuance of 67,000 common shares. 16 Issued 10,000 preferred shares for cash of $31 per share. 17 8,000 common shares were issued to a creditor who was owed $122,000. 18 The board of directors declared a cash dividend of $18,700 on the preferred shares and $4,200 on the common shares to shareholders of record on June 20, payable July 1. 30 142,000 common shares were issued in exchange for machinery with a fair market value of $2,472,000. The shares were actively trading on this date at $16.00 per share. July 1 The dividends declared on June 18 were paid. Required: lournalize 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 View transaction list 1 Record the issue of 4,000 common shares to promoters. > 2 Record the issue of common shares for cash. 3 Record the issue of preferred shares for cash. 4 Record the issue of 8,000 common shares to a creditor. 5 Record the declared dividends. Credit 6 Record the issue of common shares in exchange for machinery. 7 Record the payment of dividends declared on June 18. Note : = journal entry has been entered Record entry Clear entry View general journal