Issuing Stock

Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 125,000 shares of 1% preferred stock, $75 par and 450,000 shares of $20 par common stock. The following selected transactions were completed during the first year of operations:

Journalize the transactions.

July. 1. Issued 115,000 shares of common stock at par for cash.

July. 1

July. 1 Issued 650 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.

July. 1

Aug. 7. Issued 20,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $73,000, $398,000, and $89,000, respectively.

For a compound transaction, if an amount box does not require an entry, leave it blank.

Aug. 7

Sept. 20. Issued 23,000 shares of preferred stock at $86 for cash.

For a compound transaction, if an amount box does not require an entry, leave it blank.

Sept. 20