Issuing Stock Work Place Products Inc, a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 75,000 shares of 29 preferred stock, $55 par and 750,000 shares of $20 par common stock. The following sclected transactions were completed during the first year of operations Journalize the transactions July. 1. sed 85,000 shares of common stock et par for cash. July. 1 July 1 Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. July, 1 Aug. 7. 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. For a compound transaction, if an amount box does not require an entry, leave it blanc Aug. 7 Sept. 20. Issued 38.000 shares of preferred stock at $63 for cash For a compound transaction, if an amount box does not require an entry, leave it blank Sept. 20