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.Apr. 9.June 14. Issued 23,000 shares of preferred stock at $69 for cash.June 14.Check My WorkK PreviousNext3:29 PMsearchaW11/18/2020hpBaf12insertprt scdeletf6f7f8fgf10BB000 100000 21Oni¥1(no subject) - morganm X |f Christmas in Dixie Barre xEntry Form- Bayou Pro XLOLA - Log On Louisian XkeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=falseeBookKShow Me HowIssuing StockProfessional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 125,000 shares ofpreferred 4% stock, $55 par and 450,000 shares of $15 par common stock. The following selected transactions were completed during the first yearofoperations:Journalize the transactions.If an amount box does not require an entry, leave it blank.Feb. 5. Issued 70,000 shares of common stock at par for cash.88Feb. 5.Feb. 5. Issued 500 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.88Feb. 5.

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Description: 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.Apr. 9.June 14. Issued 23,000 shares of preferred stock at $69 for cash.June 14.Check

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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. Apr. 9. June 14. Issued 23,000 shares of preferred stock at $69 for cash. June 14.

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. Apr. 9. June 14. Issued 23,000 shares of preferred stock at $69 for cash. June 14.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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77.
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