Issuing StockProfessional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 50,000 shares of preferred 4% stock, $45 par and 400,000 shares of $25 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 115,000 shares of common stock at par for cash.Feb. 5. Feb. 5. Issued 650 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.Feb. 5. Apr. 9. Issued 19,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $89,000, $486,000, and $109,000, respectively.Apr. 9. June 14. Issued 20,000 shares of preferred stock at $57 for cash.June 14. Check My Work

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Answered: Issuing Stock Professional Products…

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 1MP: Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--,...

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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 50,000 shares of preferred 4% stock, $45 par and 400,000 shares of $25 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 115,000 shares of common stock at par for cash.

Feb. 5.

Feb. 5. Issued 650 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.

Feb. 5.

Apr. 9. Issued 19,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $89,000, $486,000, and $109,000, respectively.

Apr. 9.

June 14. Issued 20,000 shares of preferred stock at $57 for cash.

June 14.

Check My Work

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