l. Baird Produ ct Inc. A wholesaler of office products was organized on January 30 of en year with an authorization of 80,000 shares of 2% preferred stock, $75 par 00 shares of $20 common stock. The following transactions were completcd the curr during the first year of operations: Jan. 30 Issued 300,000 shares of common stock at par for cash 31 Issued 750 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation Issued 32,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $150,000, $460,000 and $90,000 respectively Feb 21 March 2 Issued 15,000 shares of preferred stock at $77.50 for cash