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 1% stock, $60 par and 650,000 shares of $20 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 150,000 shares of common stock at par for cash. Feb. 5. 88 Feb. 5. Issued 600 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. Apr. 9. Issued 20,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $75,000, $408,000, and $91,000, respectively. Apr. 9. June 14. Issued 33,000 shares of preferred stock at $74 for cash. June 14.

Professional Products Inci, a wholesaler of office preducts, was organized on february 5 of the current year, with an authorization of 100,000 shares of preferred 1\% stock, $60 par and 650,000 shares of $20 par common stock. The following selected transactions were completed during the frst year of operatians: Jeumalize the transactions If an amount box does not require an entry, leave it biank Feb, 5. Issued 150,000 shares of common stock at par for cash, Feb. 5 . Feb. 5. Isued 600 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Fe Apr, 9. Issued 20,500 shares of common stock in exchanght for land, buildings, and equipment with far market prices of $75,000,5408,000, and 591,000, respective Af June 14. Issued 33,000 shares of preferred stork at 574 for cash