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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 75,000 shares of
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 3% stock, $55 par and 300,000 shares of $15 par common stock. The following selected transactions were completed during the first year of operations: Joumalize the transactions. Feb. 5. Issued 70,000 shares of common stock at par for cash. Feb. 5. Cash Common Stock Feb. 5. Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. Organizational Expenses Common Stock Apr. 9. Issued 25,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $70,000, $380,000, and $85,500, respectively. If an amount box does not require an entry, leave it blank. Apr. 9. Land Buildings Equipment Common Stock Paid-In Capital in Excess of Par-Common Stock June 14. Issued 15,000 shares of preferred stock at $64 for cash. If an amount box does not require an entry, leave it blank. June 14. Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock
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