Baird Products Inc., a wholesaler of office products, was organized on January 30 of the current year, with an authorization of 80,000 shares of 2% preferred stock, $75 par and 800,000 shares of $20 par common stock. The following selected transactions were completed during the first year of operations: Jan 30 issued 300,000 shares of common stock Jan 31 issued 75 shares of common stock at par to n attorney in payment of legal fees feb 21 issued 32,000 shares of common stock in exchange for land, buildings, and equipment with fair market value prices of $150,000, $460,000, and $90,000, respectively March 2 issued 15,000 shares of preferred stock at $77.50 for cash journalize the transaction