Question 1: Mainland Resources Inc. began operations on June 5, 2017. Journalize the following equity transactions that occurred during the first month of operations: 2017 June 5 Gave 4,000 common shares to the organtzers of the corporation In exchange for accounting and legal services valued at $84,500 15 Recelved $22 cash per share for the issuance of 75,000 common shares. 16 Issued 10,000 preferred shares for cash of $39 per share. 178,000 common shares were issued to a creditor who was owed $130,000. 18 The board of directors declared a cash dividend of $19,500 on the preferred shares and $5,000 on the common shares to shareholders of record on June 20 , payable July 1. 30150,000 common shares were Issued in exchange for machinery with a fair market value of $2,600,000. The shares were actively trading on this date at $16.00 per share. July 1 The dividends declared on June 18 were paid. Question 2: Westby Corp., a high school uniform manufacturer, was authorized to issue an unlimited number of common shares. During January 2017, its first month of operations, the following selected transactions occurred: Jan. 11,000 shares were Issued to the organzers of the corporation. The total value of the shares was determined to be $12,000. 515,000 shares were sold to various shareholders for $13.50 each. 15 The board of directors declared a cash dividend of $0.75 per common share to shareholders of record on January 19, payable January 31. 204,000 shares were Issued in exchange for land valued at $48,000. The shares were actively trading on this date at $11.50 per share. 31 Closed the Income Summary account, which showed a credit balance of $165,000. 31 Paid the dividends declared on January 15. Required: a. Journalize the above transactions. b. Prepare the equity section of Westby's balance sheet at January 31,2017. c. What was the average issue price per common share? The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2017: In 2018, Umi had the following transactions affecting shareholders and the equity accounts: Jan. 5 The directors declared a $3.20 per share cash dividend payable on Feb. 28 to the Feb. 5 shareholders of record. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 750 common shares at $38.40 per share. Aug. 22 Sold 1,250 common shares at $27.20 per share. Sept. 5 The directors declared a $3.20 per share cash dividend payable on October 28 to the October 5 shareholders of record. Oct. 28 Paid the dividend declared on September 5. Dec. 31 Closed the $347,200 credit balance in the Income Summary account. 31 Closed the Cash DNidends account. Required: 1. Prepare journal entries to record the transactions and closings for 2018 . 2. Prepare a statement of changes in equity for the year ended December 31,2018 . 3. Prepare the equity section of the corporation's balance sheet as of December 31, 2018