Problem
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 $84,700.
15 Received $21 cash per share for the issuance of 77,000 common shares.
16 Issued 10,000 preferred shares for cash of $41 per share.
17 8,000 common shares were issued to a creditor who was owed $132,000.
18 The board of directors declared a cash dividend of $19,700 on the preferred shares and $5,200 on the common shares to shareholders of record on June 20, payable July 1.
30 152,000 common shares were issued in exchange for machinery with a fair market value of $2,480,000. The shares were actively trading on this date at $15.00 per share.
July 1 The dividends declared on June 18 were paid.
Task
Journalize the above equity transactions that occurred during the first month of operations. Cash dividend account is used for declaring dividends.