Question #2 (5*1.5=7.5 Marks) 7.5 points possible (graded, results hidden) Palermo Incorporation manufactures jewelleries. The company was incorporated on January 1, 2020 with an authorized share of 90,000 common stock with a $100 par value per share and 70,000 shares of no-par value 8% preferred stock with a stated value of $50 per share. The following stock transactions were completed during the first year. Jan-15: Issued 8200 shares of common stock for cash at $120 per share. Apr-15: Issued 8700 shares of common stock to buy an already constructed building, the asking price of the asset was $1,500,000. However, each share was trading at $130 at that time. Jul-15: Issued 8300 shares of preferred stock for cash at $50 per share. Aug-15: Issued 980 shares of common stock to the consultant for helping the company appraise an up-coming project. The consultant charged $158000 for her service. Nov-15: Issued 8200 shares of preferred stock for cash at $80 per share. Instructions: Journalize the transactions in your given answer script (Excel Template)