on March 10, payable Marc additional shares had been issued during the month. Record the entries for Exercise 12-5 Issuing shares LO3, 4 Mainland Resources Inc. began operations on June 5, 2020. Journalize the following equity transactions tha occurred during the first month of operations: 2020 June 5 15 16 17 Gave 4,000 common shares to the organizers of the corporation in exchange for accounting and legal services valued at $85.200. Received $23 cash per share for the issuance of 82,000 common shares. Issued 10,000 preferred shares for cash of $46 per share. 8.000 common shares were issued to a reditor who was owed $137.000. The board of directors declared a cash dividend of $20,200 on the preferred shares and $5,700 on the comme 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 shares were actively trading on this date at $17.00 per share. The dividends declared on June 18 were paid. 18 30 July 1 Exercise 12-6 Issuing shares; equity LO2, 3, 4 CHECK FIGURE: b. Total equity = $413,500 Westby Corp., a high school uniform manufacturer, was authorized to issue an unlimited number of shares. During January 2020, its first month of operations, the following selected transactions occu