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Issuing Stock Work Place Products Inc., a wholesaler of office products, was organized on July...

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Accounting

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Issuing Stock Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 100,000 shares of 1% preferred stock, $55 par and 550,000 shares of $20 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. July. 1. Issued 120,000 shares of common stock at par for cash. July. 1 July. 1 Issued 650 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. July.1 Aug 7. Issued 16,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of s58,000, 5318,000, and $72,000, respectively For a compound transaction, if an amount box does not require an entry, leave it blank Aug. 7

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