Work Place Products Inc., a wholesaler of omce products, was organized on 3uly 1 of the current year, with an authorization of 50,000 shares of preferred 2% stock, $40 per and 750,000 shares of $7 par common stock. The following selected transactions were completed during the first year of operations Journalize the transactions. July 1. Issued 400,000 shares of common stock at par for cash uly. 1 July. 1. Issued 1,000 shares of common stock at par to an attorney in payment of legal fees for organizing the corporetion. shares of common stock in exchange for land, buildings, and equipment with fair market prices of $250,000, 5400,000, and s70,000, respectively For a compound transaction, if an amount box does not require an entry, leave it blank Aug. 7 PreviousNext Check My Work