Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 26,000 shares of preferred 2% stock, $100 par and 550,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations:

Feb.	5	Issued 247,000 shares of common stock at par for cash.
	5	Issued 300 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.
Apr.	9	Issued 69,100 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $153,500, $488,060 and $160,000 respectively.
June	14	Issued 15,000 shares of preferred stock at $109 for cash .MAKE A JOURNAL