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. Question Content Area Feb. $5.$ Issued $600,000$ shares of common stock at par for cash. DateAccountDebitCredit Feb. $5$ Cash $5,600,000$ Common Stock $5,600,000$