Mainland Resources Inc. began operations on June 5, 2023. 2823 June 5 Gave 4,808 common shares to the organizers of the corporation in exchange for accounting and legal services valued at $84,980. 15 Received $23 cash per share for the issuance of 79,000 common shares. 16 Issued 10,000 preferred shares for cash of $43 per share. 17 8,000 common shares were issued to a creditor who was owed $134,000. 18 The board of directors declared a cash dividend of $19,900 on the preferred shares and $5,480 on the common shares to shareholders of record on June 28, payable July 1. 38 154,000 common shares were issued in exchange for machinery with a fair market value of $2,818,000. The shares were actively trading on this date at $17.88 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 let Journal entry worksheet 1 2 3 4-5-6-7 Record the issue of 4,000 common shares to promoters. Note: Enter debits before credits. Date June 05, 2023 General Journal Debit Credit Record entry Clear entry View general journal