Issuing stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 75,000 shares of preferred 3% stock, $55 par and 350,000 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. Cash Feedback Common Stock 3,500,000 3,500,000 Check My Work What is the company receiving and at what price is the stock being Issued? Feb. 5. Issued 350 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. Organizational Expenses Common Stock 8,750 8,750 Apr. 9. Issued 23,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $110,000, $601,000, and $135,000, respectively. Apr. 9. Land Buildings Equipment Common Stock Paid-In Capital in Excess of Par-Common Stock Feedback Check My Work Record the assets, and increase the common stock account by the par value of the shares. Record any amount above par in a separate paid-in capital equity account. Recall that shares of stock can be issued to acquire assets. At what value must the preferred stock and common stock accounts be recorded? June 14, Issued 18,000 shares of preferred stock at $63 for cash. June 14. Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock