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 2% stock, $60 par and 650,000 shares of $10 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 blank. Feb. 5. Issued 85,000 shares of common stock at par for cash. Feb. 5. Feb. 5. Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. Apr. 9. Issued 20,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $37,000, $204,000, and $46,000, respectively. Apr. 9. June 14. Issued 33,000 shares of preferred stock at $74 for cash. June 14.

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 2% stock, $60 par and 650,000 shares of $10 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 blank. Feb. 5. Issued 85,000 shares of common stock at par for cash. Feb. 5. Feb. 5. Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. Apr. 9. Issued 20,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $37,000, $204,000, and $46,000, respectively. Apr. 9. June 14. Issued 33,000 shares of preferred stock at $74 for cash. June 14.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter8: Liabilities And Stockholders' Equity

Section: Chapter Questions

Problem 8.23E

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