IssuingStock

Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 50,000 shares ofpreferred2% stock, $40parand 1,000,000 shares of $8 parcommon stock. The following selected transactions were completed during the first year of operations:

Journalize the transactions.

Feb. 5.Issued 600,000 shares of common stock at par for cash.

Feb. 5

Cash

Common Stock

Feb. 5.Issued 1,500 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.

Feb. 5

Organizational Expenses

Common Stock

Apr. 9.Issued 45,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $100,000, $310,000, and $85,000 respectively.

For a compound transaction, if an amount box does not require an entry, leave it blank.

Apr. 9

Land

Buildings

Equipment

Common Stock

Paid-In Capital in Excess of Par-Common Stock

June 14.Issued 30,000 shares of preferred stock at $53 for cash.

For a compound transaction, if an amount box does not require an entry, leave it blank.

June 14

Cash

Preferred Stock

Paid-In Capital in Excess of Par-Preferred Stock