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Question 2 (13 Points) Phipps Corporation on August 31, 2019 had Common Stock - $2 par value: 600,000 shares authorized; 200,000 shares issued and outstanding with a balance of $400.000; Paid-in capital in excess of par value, common stock with a balance of $2,400,000 and Retained Earings with a balance of $980,000 During the year (2019), the following transactions occurred: Sept. 1 Issued 10,000 shares of common stock at $15 per share. 7 Purchased 8,000 shares of the company's own common stock (treasury stock) for $14 per share (1 p.) 13 Issued 8,000 shares of common stock for land that has a market value of $120,000 (1/2 is:) 25 Declared a $.50 (50 cents) per share cash dividend to the common stockholders with record date of September 30 and payment date of October 9. pes.) 9 Paid the cash dividend declared on September 25. 15 Sold 5,000 shares of the Treasury Stock for $16 per share. 1 1/2 p.) 30 Issued 1,000 shares of 10%, 525 par value, Preferred Stock to the promoters who organized the corporation. The service of the promoters was valued at $55.000 (11.2 p.) Nov. 8 Sold the remaining Treasury Stock at $10 per share 11.2 p.) 21 Issued 2,000 shares of its Preferred Stock (par value $25) for $90 per share. (12) Oet. Required: Record the above transactions in general joumal form for the Phipps Corporation. Omit Explanations

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