Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 75,000 shares of preferred 1% stock, $45 par and 300,000 shares of $25 par common stock. The following selected transactions were completed during the first year of operations:

Journalize the transactions.

If an amount box does not require an entry, leave it blank.

eb. 5. Issued 125,000 shares of common stock at par for cash. Feb. 5. Issued 650 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. \begin{tabular}{cccc} Date & \multicolumn{1}{c}{ Account } & Debit & Credit \\ Feb. 5. Organizational Expenses \\ & Common Stock \end{tabular} Apr. 9. Issued 22,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $103,000, $562,000, and $127,000, respectively. Iune 14. Issued 15,000 shares of preferred stock at $59 for cash