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, $40 par and 600,000 shares of $10 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.

Cash

Common Stock

Feedback Feb. 5. Issued 350 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 21,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $38,000, $209,000, and $47,000, respectively. 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 $55 for cash. June 14.

Cash

Preferred Stock

Paid-In Capital in Excess of Par-Preferred Stock

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