Mainland Resources Inc. began operations on June 5, 2020. Journalize the following equity transactions that occurred during the first month of operations:

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2020 Gave 4,000 common shares to the organizers of the corporation in exchange for accounting and legal services June valued at $85,200. Received $23 cash per share for the issuance of 82,000 common shares. 15 Issued 10,000 preferred shares for cash of $46 per share. 16 8,000 common shares were issued to a creditor who was owed $137,000. 17 The board of directors declared a cash dividend of $20,200 on the preferred shares and $5,700 on the common 18 shares to shareholders of record on June 20, payable July 1. 157,000 common shares were issued in exchange for machinery with a fair market value of $2,869,000. The 30 shares were actively trading on this date at $17.00 per share. The dividends declared on June 18 were paid. July