Issuing Stock:

Newgen Products Inc., a wholesaler of office products, was organized on January 30 of the current year, with an authorization of 125,000 shares of 1% preferred stock, $60 par and 650,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations:

Journalize the transactions:

Feb. 21. Issued 23,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $43,000, $234,000, and $52,000, respectively.