Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 27,000 shares of preferred 2% stock, $100 par and600,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations:

Feb.	5	Issued 213,000 shares of common stock at par for cash.
	5	Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.
Apr.	9	Issued 69,400 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $149,100,$505,120, and $164,700 respectively.
June	14	Issued 17,600 shares of preferred stock at $105 for cash.

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ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
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Answer rating: 100% (QA)

Debit Credit Mar 1 Cash 2130000 Common Stock 2130000 Mar 1 Organiz... View the full answer