Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 80,000 shares of preferred 2% stock, $70 par, and 900,000 shares of $11 par common stock. The following selected transactions were completed during the first year of operations:

Journalize the transactions.

July 1. Issued 260,000 shares of common stock at par for cash. If an amount box does not require an entry, leave it blank.

July 1.	Cash	fill in the blank 721148fc7fe1031_2	fill in the blank 721148fc7fe1031_3
	Common Stock	fill in the blank 721148fc7fe1031_5	fill in the blank 721148fc7fe1031_6

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What is the company receiving and at what price is the stock being issued?

July 1. Issued 2,000 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. If an amount box does not require an entry, leave it blank.

July 1.	Organizational Expenses	fill in the blank 26ef0405604a071_2	fill in the blank 26ef0405604a071_3
	Common Stock	fill in the blank 26ef0405604a071_5	fill in the blank 26ef0405604a071_6

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Recall that stock may be issued for reasons other than to receive cash. What are these shares paying for?

Aug. 7. Issued 60,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $320,000, $550,000, and $90,000, respectively. If an amount box does not require an entry, leave it blank.

Aug. 7.	Land	fill in the blank 4c55d9f8b017fb9_2	fill in the blank 4c55d9f8b017fb9_3
	Buildings	fill in the blank 4c55d9f8b017fb9_5	fill in the blank 4c55d9f8b017fb9_6
	Equipment	fill in the blank 4c55d9f8b017fb9_8	fill in the blank 4c55d9f8b017fb9_9
	Common Stock	fill in the blank 4c55d9f8b017fb9_11	fill in the blank 4c55d9f8b017fb9_12
	Paid-In Capital in Excess of Par-Common Stock	fill in the blank 4c55d9f8b017fb9_14	fill in the blank 4c55d9f8b017fb9_15

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Recall that shares of stock can be issued to acquire assets. At what value must the stock account be recorded?

Sept. 20. Issued 30,000 shares of preferred stock at $74 for cash. If an amount box does not require an entry, leave it blank.

Sept. 20.	Cash	fill in the blank 37f7d5ff8f96ff7_2	fill in the blank 37f7d5ff8f96ff7_3
	Preferred Stock	fill in the blank 37f7d5ff8f96ff7_5	fill in the blank 37f7d5ff8f96ff7_6
	Paid-In Capital in Excess of Par-Preferred Stock	fill in the blank 37f7d5ff8f96ff7_8	fill in the blank 37f7d5ff8f96ff7_9