IssuingStock

Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 100,000 shares of 2%preferred stock, $50parand 600,000 shares of $15 parcommon stock. The following selected transactions were completed during the first year of operations:

Journalize the transactions.

July. 1.Issued 70,000 shares of common stock at par for cash.

July. 1Issued 450 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.

Aug. 7.Issued 15,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $42,000, $231,000, and $52,500, respectively.

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

Sept. 20.Issued 30,000 shares of preferred stock at $64 for cash.

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