Chapter 12 Exercisis Issuing Stock Professional Products Inc, a wholesaler of office products, was organized on February 5 of the current year with an authorization of 50,000 transactions were completed shares of preferred 2% stock, $40 par and 1,000,000 shares of S8 par common stock. The following selected during the first year of operations Joumalize the transactions Feb. 5. Issued 600,000 shares of common stock at par for cash Feb. 5 Feb. 5. Issued 1,500 >Feb. 5 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Apr. 9. Issued 45,000 shares of and $85,000 respectively common stodk in exchange for land, buildings, and equipment with fair market prices of $100,000, $310,000, For a compound transaction, f an amount box does not require an entry, leave it blank PrevicusNext assignment Score: 0.0% acer