Instructions

Professional Products Inc$-$a a wholesaler of ofice products, was organized on February $5$ of the current year, with an authorization of $27,000$ shares of preferred $2\%$ stock, $$100$ par and $600,000$ shares of $$10$ par common stock. The following selected transactions were completed during the first year of operations:

Feb. $5$ Issued $213,000$ shares of common stock at par for cash.

$5$ Issued $400$ shares of common stock at par to an altorney in payment of legal fees for organizing the corporation.

Apr. $9$ Issued $69,400$ shares of common stock in exchange for land, buildings, and equipment with fair market prices of $$149,100,$$$505,120,$ and $$164,700$ respectively.

June $14$ Issued $17,600$ shares of preferred stock at $$105$ for cash.