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 account ing and legal services valued at $83,900. 15 Received $23 cash per share for the issuance of 69,000 common shares. 16 Issued 10,000 preferred shares for cash of $33 per share. 178,600 common shares were issued to a creditor who was owed $124,000. 18 The board of directors declared a cash dividend of $18,900 on the preferred shares and $4,400 on the common shares to shareholders of record on June 20,900 on the preferre July 1. 30144,600 common shares were issued in exchange for machinery with a fair market value of July 1 The dividends declared on June ively trading on this date at $17.00 per share. 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 befoce credits