Issuing stock

Professional Products Inc., a wholesaler of office products, was organized on February $5$ of the current year, with an authorization of $125,000$ shares of preferred $4\%$ stock, $$70$ par and $250,000$ shares of $$15$ 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 $105,000$ shares of common stock at par for cash.

Feb. $5.$

Feb. $5.$ Issued $400$ shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.

Feb. $5.$

Apr. $9.$ Issued $18,500$ shares of common stock in exchange for land, buildings, and equipment with fair market prices of $$51,000,$ $$276,000,$ and $$61,500,$ respectively.

Apr. $9.$