Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 75,000 shares of preferred 1% stock, $70 par and 450,000 shares of $15 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions.

Feb. 5. Issued 95,000 shares of common stock at par for cash.
Feb. 5. Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.
Apr. 9. Issued 15,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $42,000, $231,000, and $52,500, respectively
June 14. Issued 23,000 shares of preferred stock at $80 for cash.

Answer and Explanation:

The journal entries are shown below:

On Feb-05

Cash Dr (95,000 shares × $15)  $1,425,000

       To Common Stock         $1,425,000

(Being the issuance of the common stock is recorded)

On Feb-05

Legal Fees  (400 shares × $15) $6,000

      To Common Stock$6,000

(Being the Issuance of the common share for legal Fees is recorded)  

On Apr-09

Land $42,000

Building $231,000

Equipment $52,500

            To Common Stock  (15,500 shares × $15) $232,500

            To Paid in capital excess of par value $93,000

(being the issued of the common stock in exchange of assets is recorded)

On Jun-14

Cash  (23,800 shares × $80) $1,904,000

          To preferred Stock (23,800 shares × $70) $1,666,000

          To Paid in capital excess of par value $238,000

(Being the issuance of the preferred stock is recorded)

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