Chapter 12 C orporations: Organization, Stock Transactions, and Dividends Obj. 2 EX 12-8 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 2% stock, s40 par and 1,000,000 shares of $8 par common stock. The following selected transactions were completed during the first year of operations: SHOW ME How Feb. 5. Issued 600,000 shares of common stock at par for cash Issued 1,500 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. s. Apr. 9. Issued 45,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $100,000, $310,000, and $85,000 respectively. Issued 30,000 shares of preferred stock at $53 for cash. June 14. Journalize the transactions. EX 12-9 Entries for cash dividends he declaration, record, and payment dates in connection with a cash dividend of $1,250 required on each date. Obj. 3 a corporation's common stock are July 9, August 31, and October 1. Journalize the entries SHOW ME HOW EX 12-10 Entries for stock dividends