Instructions Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 26,000 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. Apr. 5 Issued 200,000 shares of common stock at par for cash. 5 Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. 9 Issued 66,200 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $149,800, $474,380 and $163,600 respectively. June 14 Issued 19,400 shares of preferred stock at $107 for cash.