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, $55 par and 250,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. July. 1. Issued 115,000 shares of common stock at par for cash. July. 1 July 1 Issued 650 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation July 1 Aug. 7. Issued 20,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $37,000, $204,000, and $46,000, respectively. For a compound transaction, if an amount box does not require an entry, leave it blank. Aug. 7 Previous Next Cele More July. 1 Issued 650 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation July, 1 Aug. 7. Issued 20,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $37,000, $204,000, and $46,000, respectively. For a compound transaction, if an amount box does not require an entry, leave it blank. Aug. 7 Sept. 20. Issued 13,000 shares of preferred stock at $70 for cash. For a compound transaction, if an amount box does not require an entry, leave it blank. Sept. 20 Previous Next