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 $15 per commen stock. The following selected transactions were completed during the first year of operations Journalize the transactions July 1. Issued 120,000 shares of common stock at par for cash. If an amount box does not require an entry, leave it blank. July 1 Cashi 1.300.000 Common Stock 180,000 Check My Work 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 88 Check My Wor Recall that stock may be issued for reasons other than to receive cash. What are these shares paying for? Aug. 7. Issued 24,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $66,000, $358,000, and $80,000, respectively. If an amount box does not require an entry leave it blank Aug. 7 and Buildings Equipment Common Stock Pridale Conta in Faress of Per-Common Stock Record the assets, and increase the commen stock account by the par value of the shares. Record 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 reconded? Sept. 20. Issued 26,000 shares of preferred stock at $85 for cash. If an amount box does not require an entry, leave it blank Sept. 20 Cath Paid-In Capital in Excess of Par-Preferred Stock Accounting numeric fl