Question: always having problems with problems like this one Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the

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 4 stock $55 pm and 700,000 shares of $20 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 black Feb. 5. Issued 155,000 shares of common stock at par for cash Feb. 5. Feb. 5. Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation Feb. 5 Apr. 9. Issued 25,500 shares of common stock in exchange for land, buildings, and equipment with fair market poet of $95,0005507,000, and 5114.000, respectively Ape 9. Previous Next Check Apr. 9. Issued 25,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $93,000, 5507,000, and 5114.000, respectively Apr. 9. June 14. Issued 35,000 shares of preferred stock at 567 for cash June 14 IND Ibl
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
