EX 12-8 Issuing stock Professional Products Inc., a wholesaler of office products, was organized on February 5 o the current year, with an authorization of 50,000 shares of pr Obj. 2 SHOW ME HOW eferred 2% stock, $40 par and 000,000 shares of $8 par common stock. The following selected transactions were completed during the first year of operations: Feb. 5. Issued 600,000 shares of common stock at par for cash. 5. Issued 1,500 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Issued 45,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $100,000, $310,000, and $85,000 respectively. Issued 30,000 shares of preferred stock at $53 for cash. Apr. 9. June 14. Journalize the transactions