Issuing Stock Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 50,000 shares of 2% preferred stock, $70 par and 550,000 shares of $15 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. July. 1. Issued 145,000 shares of common stock at par for cash. July 1 July 1 Issued 600 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation July 1 Aug. 7. Issued 18,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $51,000, $276,000, and $61,500, respectively, For a compound transaction, if an amount box does not require an entry, leave it blank. Aug. 7 Previous Next Check My Work 2 more Check My Work uses remaining July. 1 Issued 600 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation July. 1 Aug. 7. Issued 18,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $51,000, $276,000, and $61,500, respectively. For a compound transaction, if an amount box does not require an entry, leave it blank. Aug. 7 Sept. 20. Issued 28,000 shares of preferred stock at $84 for cash For a compound transaction, if an amount box does not require an entry, leave it blank Sept. 20 Check My Work 2 more Check My Work uses remaining Previous Next Next >