IssuingStock

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 1%preferred stock, $70parand 350,000 shares of $10 parcommon stock. The following selected transactions were completed during the first year of operations:

Journalize the transactions.

July. 1.Issued 110,000 shares of common stock at par for cash.

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July. 1Issued 350 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.

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Aug. 7.Issued 25,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $46,000, $253,000, and $58,000, respectively.

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

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Sept. 20.Issued 18,000 shares of preferred stock at $80 for cash.

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

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