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 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 th 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. Date: (i.e., January 15 would be 15/Jan). General Journal Account/Explanation Page GJ5 Debit Credit Date F + = + - + -1 00 preferred shares and 700,000 common shares. During January 2014, their first month of operations, the following selected common shares were issued at $6.00 and $1.00, respectively, cash. 00 per share for cash. sued for a total of $54,000 cash. ssued for a total of $65,000 cash. in exchange for land valued at $45,000 0,000 common shares for their services in organizing the corporation. The directors valued the services at $20,000 6.00 per share for cash. er the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm GJ5 edit