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Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 125,000 shares of preferred 3% stock, $75 par and 700,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. Feb. 5. Issued 125,000 shares of common stock at par for cash. Feb. 5. Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 125,000 shares of preferred 3% stock, $75 par and 700,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. Feb. 5. Issued 125,000 shares of common stock at par for cash. Feb. 5. Feb. 5. Issued 350 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. - Apr. 9. Issued 26,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $47,000, $258,000, and $59,000, respectively. If an amount box does not require an entry, leave it blank, Apr. 9. Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading

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