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, $70 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 80,000 shares of common stock at par for cash. July. 1 Cash Common Stock July. 1 Issued 350 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. July. 1 Organizational Expenses Common Stock Aug. 7. Issued 22,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $80,000, $437,000, and $99,000, respectively. For a compound transaction, if an amount box does not require an entry, leave it blank. Aug. 7 Land Buildings Equipment Common Stock Paid-In Capital in Excess of Par-Common Stock Sept. 20. Issued 23,000 shares of preferred stock at $83 for cash. For a compound transaction, if an amount box does not require an entry, leave it blank. Sept. 20 Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock