Issuing stock Instructions Chart of Accounts General Journal Instructions Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 25,000 shares of preferred 2% stock, $100 par and 550,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations. Feb 5 Issued 243,000 shares of common stock at par for cash 5 Issued 600 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Apr 9 Issued 68,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $147,400, $518,700, and $163,500 respectively. June 14 Issued 16,000 shares of preferred stock at $112 for cash. General Journal DATE 2 3 7 g 9 10 11 12 DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY