(Solved): Mainland Resources Inc. began operations on June 5, 2023. 2023 June 5 Gave 4,000 comon shares to th ...

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 85,060 comnon shanes. 16. Issued 18,000 preferred shares for cash of \( \$ 49 \) per share. 178,080 comon 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 conmon shares to shareholders of record on June 20, payable July 1. 30160,000 coenon shares were issued in exchange for machinery 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 declaring dividends.