Question
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
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 |
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
