Issuing stockShow Me HowProfessional Products Inc., a wholesaler of office products, was organized on February $5$ of the current year, with an authorization of $50,000$ shares of preferred $2\%$ stock, $$60$ par and $1,000,000$ shares of $$8$ par common stock. The following selected transactions were completed during the first year of operations:Joumalize transactions.If an amount box does not require an entry, leave it blankFeb. $5.$ Issued $600,000$ shares of common stock at par for cash.Feb.Feb. $5.$ Issued $1,400$ shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.Feb. $5$Apr. $9.$ Issued $60,000$ shares of common stock in exchange for land, buildings, and equipment with fair market prices of $$200,000,$ $$310,000,$ and $$80,000,$ respectively.Apr. $9$June $14.$ Issued $32,000$ shares of preferred stock at $$82$ for cash.June $14$