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 75,000 shares of preferred 1% stock, $45 par and 750,000 shares of $15 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, teave it blank. Feb. 5. Issued 120,000 shares of common stock at par for cash. Feb. 5 88 Feb. 5. Issued 600 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation Feb. 5 Apr. 9. Issued 22,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $51,000, $335,000, and $76,500, respectively. Apr. 9 Feb. 5 88 Feb. 5. Issued 600 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation Feb. 5, Apr. 9. Issued 22,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $61,000, $335,000, and $76,500, respectively. Apr. 9. June 14. Issued 38,000 shares of preferred stock at $53 for cash. June 14
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