Professional Products Incy, a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 100,000 shares of pceferred 346 stock, $75 par and 150,000 thares of $10 par common stock, The following selected transactions were compteted during the first year of coperations: Journalize the transactions. If an amount box does not require an entry, leave it blank. Feb. 5. Issued 70,000 shares of common stock at par for cash. Feb, 5 . Feb. 5. Issued 600 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5 . Apr. 9. Issued 24,000 shares of common stock in exchange for land, bulldings, and equipment with fair market prices of $44,000,$239,000, and $53,000, resoectively Ap June 14. Issued 23,000 shares of preferred stock at $87 for Cash. Effect of Stock Solit Willey's Grill \& Restourant Corporation wholesales ovens and ranges to restourants throughout the Southwest. Willey s Grill \& Restaurant, which ihad 42.000 shares of cimmo stock outstanding, declared a 4 -for -1 stack split. a. What will be the number of shares outstanding after the split? shares b. If the common stock had a market price of $132 per share before the stock split, what would be an approximote market price per share after the split? 4. perstise