Professional Products Inc., a wholesaler of office products, was organized on February $5$ of the current year, with an authorization of $75,000$ shares of preferred $2\%$ stock, $$40$ par and $550,000$ shares of $$20$ par common stock. The following selected transactions were completed during the first year of operations:

Journalize the transactions.

If an amount box does not require an entry, leave it blank.

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Feb. $5.$ Issued $120,000$ shares of common stock at par for cash.

DateAccountDebitCredit

Feb. $5.$

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Feb. $5.$ Issued $500$ shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.

DateAccountDebitCredit

Feb. $5.$

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Apr. $9.$ Issued $26,000$ shares of common stock in exchange for land, buildings, and equipment with fair market prices of $$95,000,$ $$517,000,$ and $$116,000,$ respectively.

DateAccountDebitCredit

Apr. $9.$

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June $14.$ Issued $28,000$ shares of preferred stock at $$55$ for cash.

DateAccountDebitCredit

June $14.$