Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5...
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Issuing Stock 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 1% stock, $60 par and 750,000 shares of $25 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. If an amount box does not require an entry, leave it blank. Feb. 5. Issued 110,000 shares of common stock at par for cash. Feb. 5. Cash Common Stock Feb. 5. Issued 550 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. Organizational Expenses Common Stock Apr. 9. Issued 24,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $112,000, $613,000, and $139,000, respectively. Apr. 9 June 14. Issued 38,000 shares of preferred stock at $74 for cash. June 14
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