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 $84,300 15 Received $22 cash per share for the issuance of 73,000 common shares. 16 Issued 10,000 preferred shares for cash of $37 per share. 178,000 common shares were issued to a creditor who was owed $128,000. 18 The board of directors declared a cash dividend of $19,300 on the preferred shares and $4,800 on the common shares to shareholders of record on June 20, payable July 1. 30148,000 common shares were issued in exchange for machinery with a fair market value of $2,568,000. 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 declaring dividends. Required: Journalize the above equity transactions that occurred during the first month of operations. Cash dividend account is used for declaring dividends. Journal entry worksheet 234567 Record the issue of 4,000 common shares to promoters. Note: Enter debits before credits. Required: Journalize the above equity transactions that occurred during the first month of operations. Cash dividend account is used for declaring dividends. Journal entry worksheet inole: tnter uedis beiore creails. Required: Journalize the above equity transactions that occurred during the first month of operations. Cash dividend account is used for declaring dividends. Journal entry worksheet 4567> Record the issue of preferred shares for cash. Note: Enter debits before credits. Required: Journalize the above equity transactions that occurred during the first month of operations. Cash dividend account is used for declaring dividends. Journal entry worksheet Record the issue of 8,000 common shares to a creditor. Note: Enter debits before credits. Required: Journalize the above equity transactions that occurred during the first month of operations. Cash dividend account is used for declaring diviclends. Required: Journalize the above equity transactions that occurred during the first month of operations. Cash dividend account is used for declaring dividends. Journal entry worksheet Record the issue of common shares in exchange for machinery. Note: Enter debils before credits. Required: Journalize the above equity transactions that occurred during the first month of operations. Cash dividend account is used for declaring dividends. Journal entry worksheet 123456 Record the payment of dividends declared on June 18. Note: Enter debits before credits
