Mainland Resources Inc. began operations on June 5, 2014. Journalize the following equity transactions that occurred during the first month ofoperations:

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2014 5 Gave 4,000 common shares to the organizers of the corporation in exchange for accounting and legal services valued at $84,500 Received $22 cash per share for the issuance of 75,000 common shares Issued 10,000 preferred shares for cash of $39 per share 8,000 common shares were issued to a creditor who was owed $130,000 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 1 150,000 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 The dividends declared on June 18 were paid June 15 16 17 18 30 July 1