Question - Bair products Inc, a wholesaler of office products, was organized on January 30 of the current year, with an authorization of $80,000 shares of 2% preferred stock, $75 par and $80,000 shares of $20 par common stock. The following selected transactions were completed during the first year of operations:
Journalize the transactions.
January 30 Issue 300,000 shares of common stock at par for cash
January 31 Issue 750 shares of common stock at par to attorney in payment of legal fees for organizing the corporation.
February 21 Issue 32,000 shares of common stock in exchange for land, building and equipment with fair market prices of $150,000, $460,000 and $90,000 respectively.
March 2 Issued 15,000 shares of preferred stock at $77.50 for cash.