Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 25,000 shares of preferred 2% stock, $100 par and 500,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations:

Feb.	5	Issued 220,000 shares of common stock at par for cash.
	5	Issued 700 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.
Apr.	9	Issued 68,700 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $153,800, $458,110 and $164,400 respectively.
June	14	Issued 18,200 shares of preferred stock at $115 for cash.

Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.

JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
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