Mainland Resources Inc, began operations on June 5, 2023. 2023 June 5 Gave 4,000 comon shares to the organizers of the corporation in exchange for accounting and legal services valued at $85,500. 15. Received $23 cash per share for the issuance of 85,000 connon shares. 16 Issued 10,900 preferred shares for cash of $49 per share. 178,000 common shares were issued to a creditor who was owed $140,000. 18 The board of directors declared a cash dividend of $20,500 on the preferred shares and $6,000 on the coenon shares to shareholders of record on June 20 , payable July 1. 39160,000 comnon shares were issued in exchange for nachinery with a fair market value of $2,920,000. The shares were actively trading on this date at $17,00 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 fo 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: Inger elots befere creats: Journal entry worksheet 456 Record the issue of common shares for cash. Whaw Finner debits before credios. Journal entry worksheet 56 Record the issue of preferred shares for cash. Note Enter debies before credits. Journal entry worksheet Record the issue of 8,000 common shares to a creditor. Note: Enter debits before credits. Journal entry worksheet Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Record the payment of dividends declared on June 18. Note: Enter debits before credits