1. Issuing Stock Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 100,000 shares of 1% preferred stock, $55 par and 650,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. July. 1. Issued 95,000 shares of common stock at par for cash. July. 1 Issued 350 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Aug. 7. Issued 21,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $38,000, $209,000, and $47,000, respectively. Sept. 20. Issued 33,000 shares of preferred stock at $70 for cash