Professional Products incy a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 50,000 shares of preferred 2% stock, $60 par and 1,000,000 shares of $B 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. Fisessack * Geesk dy Vien What is the company reteiving and at what price is the stock being issued? Feb. 5. Issued 1,400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feetherek F checa My work Recall that stock may be isswed for reasons other than to receive cash. What are these shares paving for? Apr, 9. Issued 60,000 . 5hares of commion stock in exchange for land. buildengsi, anit equipment with fair market prices of $200,000,5310,000, and 500,000 , respectively