Issuing stock professional products inc a wholesaler of office products was organized on February 5th of the current year with an authorization of a 125000 shares of preferred 2% stock $55 par in 300000 shares of $15 par common stock the following selected transactions were completed during the 1st year of operations journalize the transactions February 5th issued a 135000 shares of common stock at par for Cash February 5th issued 650 shares of common stock at par to An attorney and payment for legal fees for on organizing the corporation April 9th issued 25500 shares of common stock in exchange for land buildings and equipment with fair market price of $70000 $380000, $85500respectively. June 14th issued 15000 shares of preferred stock at $67 for cash