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 2 stock, $65 par and 450,000 shares of $20 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, Feb. 5. Issued 145,000 shares of common stock at par for cash Feb. 5 Feb. 5. Issued 550 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation Feb. 5 Apr. 9. Issued 20,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $75,000 300,000, and 19,000, consectively Apr. 9 June 14. Issued 23,000 shares of preferred stock at $74 for cash June 14