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Mainland Resources Inc. began operations on June 5,2023. 2023 June 5 Gave 4,000...

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Accounting

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 $84,500.
15 Received $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.
Required:
Journalize the above equity transactions that occurred during the first month of operations. Cash dividend account is used for declaring dividends.
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