Reference no: EM132906837

Workplace Products Inc., a wholesaler of office products, was organized on February 1 of the current year, with an authorization of 10,000 shares of preferred 2% stock and 250,000 shares of common stock.

The following selected transactions were completed during the first year of operations:

1. Feb. 1. Issued 180,000 shares of common stock at P120/ share for cash.
2. 1. Issued 400 shares of common stock at P120/ share to an attorney in payment of legal fees for organizing the corporation.
3. Mar. 9. Issued 30,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of P200,000, P550,000, and P135,000, respectively. Apr 13. Issued 8,500 shares of preferred stock at P131 for cash.

Required:

Problem 1: Journalize the transactions.