Issuing stock

Professional Products Inc., a wholesaler of office products, was organized on February $5$ of the current year, with an authorization of $100,000$ shares of preferred $4\%$ stock, $$40$ par and $500,000$ shares of $$15$ par common stock. The following selected transactions were completed during the first year of operations:

Journalize the transactions.

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Feb. $5.$ Issued $120,000$ shares of common stock at par for cash.

DateAccountDebitCredit

Feb. $5.$

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Feb. $5.$ Issued $600$ shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.

DateAccountDebitCredit

Feb. $5.$

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Apr. $9.$ Issued $22,000$ shares of common stock in exchange for land, buildings, and equipment with fair market prices of $$60,000,$ $$328,000,$ and $$74,000,$ respectively.

DateAccountDebitCredit

Apr. $9.$

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June $14.$ Issued $25,000$ shares of preferred stock at $$49$ for cash.

DateAccountDebitCredit

June $14.$

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