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Occupational Products Inc, a wholesaler of office products, was organized on March 1 of the current year, with an authorization of 30,000 shares of preferred 2% stock, $100 par and 500,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: Mar. 1 ssued 212,000 shares of common stock at par for cash- 1 ssued 300 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. May 31 ssued 66,400 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $148,100, $521,840 and $16 respectively. lul. 1 d 15,000 shares of preferred stock at $10B for cash