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, $60 par and 1,000,000 shares of $8 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 600,000 shares of common stock at par for cash. Feb. 5 Cash Common Stock Feb. 5. Issued 1,400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation, Feb. 5 Organizational Expenses Common Stock 38 Apr. 9. Issued 60,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $200,000, $310,000, and $80,000, respectively. Apr. 9 Land Buildings Feb. 5. Issued 1,400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5 Organizational Expenses Common Stock 33 Apr. 9. Issued 60,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $200,000, $310,000, and $80,000, respectively. Apr. 9 Land Buildings Equipment Common Stock Paid-In Capital in Excess of Par-Common Stock June 14. Issued 32,000 shares of preferred stock at $82 for cash. June 14 Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock 80,000 Accounting numeric field 88