=+EX 13-7 Issuing stock obj. 3 Newgen Products Inc., a wholesaler of office products, was organized on February 20 of the current year, with an authorization of 75,000 shares of 2% preferred stock, $50 par and 400,000 shares of $15 par common stock. The following selected transactions were completed during the first year of operations:

Feb. 20. Issued 150,000 shares of common stock at par for cash.

26. Issued 500 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.