Issuing Stock 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 2% preferred stock, $55 par and 400,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. July. 1. Issued 130,000 shares of common stock at par for cash. July. 1 July. 1 Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. July. 1 Aug. 7. Issued 23,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $43,000, $234,000, and $52,000, respectively. For a compound transaction, if an amount box does not require an entry, leave it blank. Aug. 7 Sept. 20. Issued 20,000 shares of preferred stock at $66 for cash. For a compound transaction, if an amount box does not require an entry, leave it blank. Sept. 20
Issuing Stock
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 2%
July. 1. Issued 130,000 shares of common stock at par for cash.
| July. 1 | |||
July. 1 Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.
| July. 1 | |||
Aug. 7. Issued 23,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $43,000, $234,000, and $52,000, respectively.
For a compound transaction, if an amount box does not require an entry, leave it blank.
| Aug. 7 | |||
Sept. 20. Issued 20,000 shares of preferred stock at $66 for cash.
For a compound transaction, if an amount box does not require an entry, leave it blank.
| Sept. 20 | |||
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