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 700,000 shares of common stock at par for cash. Feb. 5 Cash Common Stock V 4,800,000 Feedback Check My Work What is the company receiving and at what price is the stock being issued? Feb. 5. Issued 1,200 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5 Organizational Expenses Common Stock Common Stock y s a Feedback Check My Work Recall that stock may be issued for reasons other than to receive cash. What are these shares paying for? COM Feedback es Com Check My Work Recall that stock may be issued for reasons other than to receive cash. What are these shares paying for?! Apr. 9. Issued 40,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $120,000, $280,000, and $80,000, respectively. Apr. 9 Land Buildings Equipment Common Stock right in! UUUUU Paid-In Capital in Excess of Par-Common Stock Feedback Check My Work Recall that shares of stock can be issued to acquire assets. At what value must the preferred stock and common stock accounts be recorded? June 14. Issued 25,000 shares of preferred stock at $82 for cash. June 14 Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock