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  3. 2023 june 5 gave 4,000 common shares to the organi

2023 June 5 Gave 4,000 common shares to the organizers of the corporation in exchange...

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Accounting

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2023 June 5 Gave 4,000 common shares to the organizers of the corporation in exchange for accounting and legal services valued at $85,400. 15 Received $22 cash per share for the issuance of 84,000 common shares. 16 Issued 10,000 preferred shares for cash of $48 per share. 178,000 common shares were issued to a creditor who was owed $139,000. 18 The board of directors declared a cash dividend of $20,400 on the preferred shares and $5,900 on the common shares to shareholders of record on June 20 , payable July 1 . 30 159,000 common shares were issued in exchange for machinery with a fair market value of $2,744,000. The shares were actively trading on this date at $16.00 per share. July 1 The dividends declared on June 18 were paid. Required: Journalize the above equity transactions that occurred during the first month of operations. Cash dividend account is used for declaring dividends. 1 Record the issue of 4,000 common shares to promoters. 2 Record the issue of common shares for cash. 3 Record the issue of preferred shares for cash. 4 Record the issue of 8,000 common shares to a creditor. 5 Record the declared dividends. 6 Record the issue of common shares in exchange for machinery. 7 Record the payment of dividends declared on June 18

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