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 $83,500. 15 Received $21 cash per share for the issuance of 65,000 common shares. 16 Issued 10,000 preferred shares for cash of $29 per share. 17 8,000 common shares were issued to a creditor who was owed $120,000. 18 The board of directors declared a cash dividend of $18,500 on the preferred shares and $4,000 on the common shares to shareholders of record on June 20, payable July 1. 30 140,000 common shares were issued in exchange for machinery with a fair market value of $2,300,000. 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. View transaction list Journal entry worksheet

Mainland Resources Inc. began operations on June 5, 2023 2923 June 5 Gave 4, 900 comon shares to the organlzers of the corporation in exchange. for accounting and legal services yalved at $13,500. 15 . Recelved $21 cash per share for the issuance of 65 , 000 comon shares. 16 Issued 19 , 000 preferred shares for cash of $29 per share. 178 , 000 comon shares were issued to a creditor who was oned $120,000. 18 The board of directors declared a cash dividend of 518 , 500 on the preferred shares and $4, eoe on the conmon shares to shareholders of record on June 20, payable July 1 . 30) 140,000 comen shares were issued in exchange for nachinery with a foir market walve of 52,300 , eeo. The shares were actlvely tradling on this date at 515.00 - 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. Journal entry worksheet 234567 Record the issue of 4,000 common shares to promoters. Notel Enter debits before credits. Mainland Resources inc. beqan operations on June 5.2023. 2023 Juine $ Gwe 4,060 cosmon shares to the organliers of the corporation in extherge for accoulting and legal strulices valued at 833,500 , 15 Rectived $21 cash ger share for the issuance of 65 , 000 cermon shares. 16 issued 10,600 preferred shares for cesh of 325 per share. 18 The board af alrectors declared 3 cash dividend of 516,500 on the preferred thares and 54,003 an the canaon. shares to thareholders of record on June 20, payable 2uly 1 . 30.140,000 comon shares were. Issued in excbange for nachinety with a fair market value of $2, 300,000. Tke shares vere actively trading an this date at 515.00 per share. Required: Journalize the above equity transactions that occurred during the furt month of operations Cash dividend accoum is used for declaring dividends: Journal entry worksheet