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, $40 par and 450,000 shares of $25 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. July. 1. Issued 75,000 shares of common stock at par for cash. July. 1 July. 1 Issued 500 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. July, 1 Aug. 7. Issued 24,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $112,000, $613,000, and $139,000, respectively. For a compound transaction, if an amount box does not require an entry, leave it blank. Aug. 7