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 3% preferred stock, $60 par and 650,000 shares of $15 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. July. 1. Issued 120,000 shares of common stock at par for cash. July 1 July. 1 Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. July 1 Aug. 7. Issued 23,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $63,000, $343,000, and $77,000, respectively For a compound transaction, if an amount box does not require an entry, leave it blank. Aug. 7 Net July 1 Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. July, 1 Aug. 7. Issued 23,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $63,000, $343,000, and $77,000, respectively. For a compound transaction, if an amount box does not require an entry, leave it blank. Aug. 7 Sept. 20. Issued 33,000 shares of preferred stock at $72 for cash. For a compound transaction, if an amount box does not require an entry, leave it blank Sept. 20