Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 100,000 shares of preferred 4% stock, $75 par and 550,000 shares of $25 par common stock. The following selected transactions were completed during the first year of operations:

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Feb. 5. Issued 75,000 shares of common stock at par for cash.

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Feb. 5. Issued 450 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.

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Apr. 9. Issued 20,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $94,000, $511,000, and $115,000, respectively.

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June 14. Issued 28,000 shares of preferred stock at $84 for cash.

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