Brown & Victor Inc., was organized and authorized to issue 50,000 shares of $100 par value, 9% preferred stock and 50,000 shares of no-par, $5 stated value common stock on July 1, 2011. Stock-related transactions are as follows: July 1 Issued 10,000 shares of common stock at $11 per share. 1 Issued 500 shares of common stock at $11 per share for services in connection with the organization of the company. 2 Issued 1,000 shares of preferred stock at par value for cash. 10 Issued 2,500 shares of common stock for land on which the asking price was $35,000. Market value of the stock was $12. Management wishes to record the land at the market value of the stock. Aug. 2 Purchased 1,500 shares of its common stock at $13 per share. 10 Declared a cash dividend for one month on the outstanding preferred stock, and $0.02 per share on common stock outstanding, payable on August 22 to stockholders of record on August 12. 12 Date of record for cash dividends. 22 Paid cash dividends. REQUIRED: Record the above transactions in journal form.