Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 50,000 shares of preferred 2% stock, $40 par and 650,000 shares of $15 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. Feb. 5. Issued 120,000 shares of common stock at par for cash. Feb. 5. Feb. 5. a Feb. 5. Issued 500 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. O Apr. 9. Issued 20,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $55,000, $298,000, and $67,000, respectively. If an amount box does not require an entry, leave it blank. Apr. 9. June 14. Issued 33,000 shares of preferred stock at $51 for cash. If an amount box does not require an entry, leave it blank. June 14