ABC Co. began operations on June 5 , 2020 . 2020 June 5 Gave 4,000 common shares to the organizers of the corporation in exchange for accounting and legal services valued at $ 85,200 15 Received $ 23 cash per share for the issuance of 82,000 common shares I 16 Issued 10,000 preferred shares for cash of $ 46 per share . 17 8,000 common shares were issued to a creditor who was owed $ 137,000 . 18 The board of directors declared a cash dividend of on the preferred shares and on the common shares to shareholders of record on June 20 , payable July 1 30 157,000 common shares were issued in exchange for machinery with a fair market value of $ 2,869,000 . The shares were actively trading on this date at $ 17.00 per share . July 1 The dividends declared on June 18 were paid . \$20.200 \$5,700 Required : Journalize the above equity transactions that occurred during the first month of operations . Cash dividend account is used for declaring dividends . ( 16 POINTS ) General Journal Debit Credit

1. ABC Co.. began operations on June 5, 2020 2020 June 5 Gave 4,000 common shares to the organizers of the corporation in exchange for accounting and legal services valued at $85,200 15 Received $23 cash per share for the issuance of 82,000 common shares I 16 Issued 10,000 preferred shares for cash of $46 per share 17 8,000 common shares were issued to a creditor who was owed $137,000 18 The board of directors declared a cash dividend of $20,200 on the preferred shares and $5,700 on the common shares to shareholders of record on June 20, payable July 1 30 157 000 common shares were issued in exchange for machinery with a fair market value of $2,869,000 The shares were actively trading on this date at $17.00 per share July 1 The dividends declared on June 18 were paid Required: Joumalize the above equity transactions that occurred during the first month of operations Cash dividend account is used for declaring dividends. (16 POINTS) No Date General Journal Debit Credit 1 June 05, 2020 2. June 15, 2020 3 June 16, 2020