Issuing Stock

Ergonomics Supply Inc., a wholesaler of office products, was organized on July $1$ of the current year, with an authorization of $80,000$ shares of preferred $2\%$ stock, $$70$ par, and $900,000$ shares of $$11$ par common stock. The following selected transactions were completed during the first year of operations:

Journalize the transactions.

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July $1.$ Issued $260,000$ shares of common stock at par for cash. If an amount box does not require an entry, leave it blank.

July $1.$

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July $1.$ Issued $2,000$ 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 $1.$

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Aug. $7.$ Issued $60,000$ shares of common stock in exchange for land, buildings, and equipment with fair market prices of $$320,000,$ $$550,000,$ and $$90,000,$ respectively. If an amount box does not require an entry, leave it blank.

Aug. $7.$

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Sept. $20.$ Issued $30,000$ shares of preferred stock at $$74$ for cash. If an amount box does not require an entry, leave it blank.

Sept. $20.$