Issuing Stock Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 75,000 shares of 2% preferred stock, $55 par and 400,000 shares of $25 par common stock. The following selected transactions were completed during the first year of operations: Journalire the transactions July. 1. Issued 155,000 shares of common stock at par for cash. July 1 Cash Common Stock Feedback July 1 Issued 450 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation July 1 Organizational Expenses Common Stock Feedback Aug. 7. Issued 22,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $103,000, $562,000, and 5127,000, respectively. For a compound transaction, if an amount box does not require an entry, leave it blank. Aug 7 Land Buildings Aug. 7. Issued 22,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $103,000, $562,000, and $127,000, respectively. For a compound transaction, if an amount box does not require an entry, leave it blank. Aug. 7 Land Buildings Equipment lllll lllll Common Stock Paid-In Capital in Excess of Par-Common Stock Feedback Sept. 20. Issued 20,000 shares of preferred stock at $64 for cash For a compound transaction, if an amount box does not require an entry, leave it blank. Sept. 20 Cash Preferred Stock 110 lud Paid In Capital in Excess of Par Preferred Stock