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, $40 par and 600,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. July. 1. Issued 90,000 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 16,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $30,000, $164,000, and $37,000, respectively. For a compound transaction, if an amount box does not require an entry, leave it blank. Sept. 20. Issued 30,000 shares of preferred stock at $49 for cash. For a compound transaction, if an amount box does not require an entry, leave it blank.
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%
July. 1. Issued 90,000 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 16,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $30,000, $164,000, and $37,000, respectively.
For a compound transaction, if an amount box does not require an entry, leave it blank.
Sept. 20. Issued 30,000 shares of preferred stock at $49 for cash.
For a compound transaction, if an amount box does not require an entry, leave it blank.
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