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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 100,000 shares of preferted 2% stock, $65 par and 550,000 shares of $15 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. If an amount box does not require an entry, leave it blanki Feb. 5. Issued 120,000 shares of common stock at par for cash. Feb, 5, T Check My Wot What is the company receiving and at what price is the stock being issued? Feb. 5. Issued 650 shares of commen stock at par to an attorney in payment of legal fees for organizing the corporation. Feb Feostsock * Crack Mr Wark Recall that stock may be issued for reasons other than to receive cash. What are these shares paying for? Apr. 9. Issued 20,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $55,000,$298,000, and $67,000, respectively, ApI Fresback T Check My Work Record the assets, and increase the common stock account by the par value of the shares, Record any amount above par in a separate paid-in capital equity account. Recall that shares of stock can be issued to acquire assets. At what value must the preferred stock and common stock accounts be recorded? June 14. Issued 28,000 shares of preferred stock at $76 for cash

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