Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 100,000 shares of 2% preferred stock, $40 par and 450,000 shares of $20 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. July. 1. Issued 75,000 shares of common stock at par for cash. July. 1 July. 1 Issued 350 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. July. 1 Aug. 7. Issued 23,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $84,000, $457,000, and $103,000, respectively. For a compound transaction, if an amount box does not require an entry, leave it blank. Aug. 7 Sept. 20. Issued 23,000 shares of preferred stock at $51 for cash. For a compound transaction, if an amount box does not require an entry, leave it blank. Sept. 20