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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 27,000 shares of preferred
Occupational Products Inc., a wholesaler of office products, was organized on March 1 of the current year, with an authorization of 27,000 shares of preferred 2% stock, $100 par and 600,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations:
Mar. | 1 | Issued 213,000 shares of common stock at par for cash. |
1 | Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. | |
May | 31 | Issued 69,400 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $149,100, $505,120 and $164,700 respectively. |
Jul. | 1 | Issued 17,600 shares of preferred stock at $105 for cash. |
Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.
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