eBook Issuing Stock Willow Creek Nursery, with an authorization of 75,000 shares of preferred stock and 200,000 shares of common stock, completed several transactions involving its stock on October 1, the first day of operations. The trial balance at the dlose of the day follows Cash Land Buildings Preferred 1% Stock, $80 par close of the day follows: 3,780,000 840,000 2,380,000 2,800,000 420,000 3,600,000 180,000 7,000,000 7,000,000 Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $30 par Paid-In Capital in Excess of Par-Common Stock class of stock were sold at the same price. The preferred stock was issued in exchange for the land and buldings ournalize the entries to record the (1) common and (2) preferred stock transactions summarized in the For a compound transaction, if an amount box does not require an entry, leave it blank For a compound transaction, if an amount box does not require an entry, leave it blank Calculator Issuing Stock Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization ofs shares of preferred 296 stock, $40 par and 750,000 shares of $7 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. July 1. Issued 400,000 shares of common stock at par for cash July. 1 July. 1. Issued 1,000 shares of cmmon stock at par to an attorney in payment of legal fees for organizing the corporation. July. 1 Aug. 7. Issued 80,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $250,000, $400,000, and $70,000, respectively For a compound transaction, if an amount box does not require an entry, leave it blank. Aug. 7