Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 50,000 shares of preferred 2% stock, $40 par, and 750,000 shares of $7 par common stock. The following selected transactions were completed during the first year of operations:
July 1. Issued 400,000 shares of common stock at par for cash.
1. Issued 1,000 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.
Aug. 7. Issued 80,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $250,000, $400,000, and $70,000, respectively.
Sept. 20. Issued 25,000 shares of preferred stock at $44 for cash.
Journalize the transactions.