Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 100,000 shares of preferred 4% stock, 545 par and 500,000 shares of $25 par common stock. The following selected transactions were completed during the first year of operations! Journalize the transactions If an amount box does not require an entry, leave it blank Feb. 5. Issued 140,000 shares of common stock at par for cash. Feb. 5. Feb. 5. Issued 550 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation Feb. 5. 8 Apr. 9. Issued 26,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $122,000, 5665,000, and $149,000, respectively Apr. 9 101 Previous Next > Chad Mick eBook Show Me How Feb. 5. Issued 140,000 shares of common stock at par for cash. Feb. 5. Feb. 5. Issued 550 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation, Feb. 5 Apr. 9. Issued 26,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $122,000, $665,000, and $149,000, respectively, Apr. 9 June 14. Issued 25,000 shares of preferred stock at $55 for cash June 14 5