Protessional Products inc, a wholesalot 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 pommon stock. The following selected transactions were completed dufing 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 ahtorney in payment of legal fees tor organizing the corporation. Apc. 9. Issued 69,100 shares of common stock in exchange for land, buildings, and equ pment with lair market prices of $153,500,$488,060, and $160,000 respectively. June 14 issued 15.000 shares of prelerred stock at $109 lor cash. Genefa Voumal hastructions