Question 2 [25 points] Dylex Corporation was authorized to issue 400,000 $2.00 preferred shares and 700,000 common shares. During January 2014, their first month of operations, the following selected transactions occurred: a. January 4 : 12,000 preferred shares and 12,000 common shares were issued at $6.00 and $1.00, respectively, cash. b. January 5 : Issued 11,000 common shares at $5.00 per share for cash. c. January 8 : 9,000 of the common shares were issued for a total of $54,000 cash. d. January 20 : 5,000 of the preferred shares were issued for a total of $65,000 cash. e. January 28 : 9,000 common shares were issued in exchange for land valued at $45,000. f. January 31 : Gave the corporation's promoters 10,000 common shares for their services in organizing the corporation. The directors valued the services at $20,000. g. January 31 : Issued 11,000 preferred shares at $6.00 per share for cash. Prepare journal entries for the above transactions. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (i.e., January 15 would be 15/Jan). General Journal Account/Explanation Page GJS F Debit Credit Date +- + +