Issuing Stock Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 75,000 shares of 3% preferred stock, $75 par and 550,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. July 1. Issued 115,000 shares of common stock at par for cash. If an amount box does not require an entry, leave it blank. July 1 Cash Common Stock Feedback Check My Work 88 What is the company receiving and at what price is the stock being issued? July 1 Issued 400 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 Common Stock Aug. 7. Issued 18,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $33,000, $179,000, and $40,000, respectively. If an amount box does not require an entry, leave it blank. Aug. 7 Land Buildings Equipment Common Stock Paid-In Capital in Excess of Par-Common Stock Feedback Check My Work Record the assets, and increase the common stock account by the par value of the shares cord 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 stock account be recorded? Sept. 20. Issued 28,000 shares of preferred stock at $83 for cash. If an amount box does not require an entry, leave it blank. Sept. 20 Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock