Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 50,000 shares of preferred 2% stock, $40 par and 1,000,000 shares of $8 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. Feb. 5. Issued 600,000 shares of common stock at par for cash. Feb. 5 Feb. 5. Issued 1,500 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation Feb. 5 Apr. 9. Issued 45,000 shares of common stock in exchange for land, buildings, and equipment with fait market prices of $100,000, $310,000, and $85,000 respectively. For a compound transaction, if an amount box does not require an entry, leave it blank. Apr. 9 June 14. Issued 30,000 shares of preferred stock at $53 for cash. For a compound transaction, if an amount box does not require an entry, leave it blank June 14
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