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 prefered 2% stock 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 700,000 shares of common stock at par for cash. Feb. 5 Cash Common Stock Feb. 5. Issued 1,200 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5 88 Apr. 9. Issued 40,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $120,000, $280,000, and $80,000, respe Apr. 9 June 14. Issued 25,000 shares of preferred stock at $82 for cash. June 14