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.