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please answer all parts to the question. thank you Professional Products inc, a wholesaler of office products, was organized on February 5 of the current
please answer all parts to the question. thank you
Professional Products inc, a wholesaler of office products, was organized on February 5 of the current year, with an authoriation of 50,000 shares of preferred 296 stock, $60 par and 1,000,000 shares of 58 par common stoek, The following selected trarsactors nere completed during the first year of operations: Journalize the transactions. If an smount box does not require an entry, leave it blank. Feb. 5. Issued 600,000 shares of eommon stock at par for cash. Feb. 5. Issued 1,400 shares of common stock at par to an attorney in payment of legal fees for organizing the cerparaticn. Apr. 9. Issued 60,000 shares of common stock in exchange for land, bulldings, and equipment with fair market pricas of $200,000, $310,000, and $80,000, respectively. Ap June 14. Issued 32,000 shares of praferred stock at 502 for cash Step by Step Solution
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