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 3% preferred stock, $40 par and 400,000 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 600 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. July. 1 Aug. 7. Issued 24,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $45,000, $244,000, and $54,000, respectively. For a compound transaction, if an amount box does not require an entry, leave it blank. Aug. 7 Sept. 20. Issued 20,000 shares of preferred stock at $55 for cash. For a compound transaction, if an amount box does not require an entry, leave it blank. Sept. 20