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Learning Objective 3
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Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 100,000 shares of 2% preferred stock, $75
par and 350,000 shares of $20 par common stock. The following selected transactions were completed during the first year of operations:
Journalize the transactions.
July. 1. Issued 95,000 shares of common stock at par for cash.
July. 1
July. 1 Issued 550 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.
July. 1
Aug. 7. Issued 18,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $66,000, $358,000, and $80,000, respectively.
For a compound transaction, if an amount box does not require an entry, leave it blank.
Aug. 7
Sept. 20. Issued 18,000 shares of preferred stock at $84 for cash.
For a compound transaction, if an amount box does not require an entry, leave it blank.
Sept. 20
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