Mainland Resources Inc. began operations on June
June Gave common shares to the organizers of the corporation in exchange for accounting and legal services valued at $
Received $ cash per share for the issuance of common shares.
Issued preferred shares for cash of $ per share.
common shares were issued to a creditor who was owed $
The board of directors declared a cash dividend of $ on the preferred shares and $ on the common shares to shareholders of record on June payable July
common shares were issued in exchange for machinery with a fair market value of $ The shares were actively trading on this date at $ per share.
July The dividends declared on June were paid.
Required:
Journalize the above equity transactions that occurred during the first month of operations. Cash dividend account is used for declaring dividends.
