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 2% preferred stock, $40 par and 500,000 shares of $20 par common stock. The following selected transactions were completed during the first year of operations:

Journalize the transactions.

July. 1. Issued 140,000 shares of common stock at par for cash.

July. 1

July. 1 Issued 600 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.

July. 1

Aug. 7. Issued 19,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $69,000, $378,000, and $85,000, respectively.

For a compound transaction, if an amount box does not require an entry, leave it blank.

Aug. 7

Sept. 20. Issued 25,000 shares of preferred stock at $48 for cash.

For a compound transaction, if an amount box does not require an entry, leave it blank.

Sept. 20