Issuing Stock Work Place Products Inc., a wholesaler of office products, was orqanized on July 1 of the current year, with an authorization of 125,000 shares of 4 % preferred stock, $40 par and 300,000 shares of $15 pa common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. July. 1. Issued 150,000 shares of common stock at par for cash. July. 1 July, 1 Issued 400 shares of common stock at par to an attorney n payment of legal fees for organizing the corporation. July. 1 Aug. 7. Issued 23,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $63,000, $343,000, and $77,000, respectively. For a compound transaction, if an amount box does not require an entry, leave it blank Aug. 7 f preferred stock at $51 for cash Sept. 20. Issued 15.000 shares compound transaction, if an amount box does not require an entry, leave it blank. For Sept. 20 Sept. 20. Issued 15,000 shares of preferred stock at $51 for cash For a compound transaction, if an amount box does not require an entry, leave it blank. Sept. 20