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, $75 par and 700,000 shares of $20 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 95,000 shares of common stock at par for cash. Date Account Debit Credit 38 Feb. 5. Cash Common Stock Feedback Check My Work What is the company receiving and at what price is the stock being issued? Feb. 5. Issued 600 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Date Account Credit Feb. 5. Organizational Expenses Common Stock Debit 88