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Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 50,000 shares of preferred 1% stock, $50 par and 1,000,000 shares of $4 par common stock. The following selected transactions were completed during the first year of operations. Instructions: Record the following transactions. a. Issued 700,000 shares of common stock at par for cash. b. Issued 1,200 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. c. Issued 40,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $120,000, $280,000, and $80,000, respectively. d. Issued 25,000 shares of preferred stock at $82 for cash. Use these Account Names: (Use Copy and paste to put the names into the table.) Buildings Legal Expense Cash PIC, Common Common Stock PIC, Preferred Equipment Preferred Stock Land Assets Liabilities Stockholders' Equity Account Amount Date Account Amount Amount Account Balance 2. How much is the Total Paid in Cantal 11:16 AM 10/12/2000 K K 2. How much is the Total Paid in Capital? Pretched stock Common Stock PIL Common PIC Preferred Total Pald in Capital How much is the total Legal Capital? Preferred Stock Common Stock Total Calculator