Heritage Products Inc., a wholesaler of office products, was organized on February 19 of the current year, with an authorization of 60,000 shares of 3% preferred stock, $40 par and 300,000 shares of $75 par common stock. The following selected transactions were completed during the first year of operations:
Feb. 19. Issued 20,000 shares of common stock at par for cash.
27. Issued 100 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.
Mar. 13. Issued 6,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $80,000, $350,000, and $45,000, respectively.
May 6. Issued 5,000 shares of preferred stock at $46 for cash.
Journalize the transactions.