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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 Earnings 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. ( 12 ) 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 25 Declared a 5.50 (50 cents) per share cash dividend to the common stockholders with record date of September 30 and payment date of October 9. 9 Paid the cash dividend declared on September 25. (1 p.) 15 Sold 5,000 shares of the Treasury Stock for $16 per share. (112) 30 Issued 1,000 shares of 10%, $25 par value, Preferred Stock to the promoters who organized the corporation. The service of the promoters was valued at $55,000 (11 p.) 8 Sold the remaining Treasury Stock at S10 per share. (1 1/2 p.) 21 Issued 2,000 shares of its Preferred Stock (par value $25) for $90 per share. (1 12pts.) Oct Nov. Required: Record the above transactions in general journal form for the Phipps Corporation. Omit Explanations

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