Reference no: EM132597344
Question - Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 50,000 shares of 3% preferred stock, $60 par and 350,000 shares of $25 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions.
July. 1. Issued 75,000 shares of common stock at par for cash.
July. 1 Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.
Aug. 7. Issued 15,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $73,000, $396,000, and $89,000, respectively.
Sept. 20. Issued 18,000 shares of preferred stock at $68 for cash.
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