eBook Show Me How Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 75,000 shares of preferred 3% stock, $40 par and 750,000 shares of $25 par common stock. The following selected transactions were completed during the first year of operations: Doumalize the transactions. If an amount box does not require an entry, leave it blank. Feb. 5. Issued 135,000 shares of common stock at par for cash Feb. 5 Cash Common Stock Feudback Check My Work What is the company receiving and at what price is the stock being sund? Feb. 5. Issued 500 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation Feb. s. Organizational Expenses Common Stock Forbes Previous Next Check My Work Sumir Arene for Grating eBook Show Me How Apr. 9. Issued 24,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $115,000, $626,000, and $141,000, respectively Land Apr 9. Buildings Equipment Common Stock Paid In Capital in Excess of Par Common Stock Fuck Check My Work Record the assets, and increase the common stock account by the par value of the shares. Record any amount above par in a separate paid in capital equity account. Recall that shares of stock can be issued to acquire assets. At what value must the preferred stock and common stock accounts be recorded? June 14. Issued 38,000 shares of preferred stock at $45 for cash June 14 Cash Preferred Stock Paid-In Capital in excess of Par Preferred stock 000 Previous Next Check My Work Emin Submit Assignment for Grading A Wok saved