Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current...

 

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Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 30,000 shares of preferred 2% stock, $100 par and 500,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: Feb. 5 Issued 212,000 shares of common stock at par for cash. 5 Issued 300 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Apr. 9 Issued 66,400 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $148,100, $521,840, and $166,700 respectively. June 14 Issued 15,000 shares of preferred stock at $108 for cash. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 30,000 shares of preferred 2% stock, $100 par and 500,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: Feb. 5 Issued 212,000 shares of common stock at par for cash. 5 Issued 300 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Apr. 9 Issued 66,400 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $148,100, $521,840, and $166,700 respectively. June 14 Issued 15,000 shares of preferred stock at $108 for cash. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.

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