(Solved): Occupational Products Inc., a wholesaler of office products, was organized on March 1 of the current year, with an authorization

Document1 nsert Design Layout References Mailings Review View Occupational Products Inc., a wholesaler of office products, was organized on March 1 of the current year, with an authorization of 25,000 shares of preferred 2% stock, $100 par and 550,000 shares of par common stock. The following selected transactions were completed during the first year of operations: Mar. 1 ssued 243,000 shares of common stock at par for cash 1 Issued 600 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Issued 68,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $147,400, $518,700 and $163,500 respectively. May 31 Jul. 1 Issued 16,000 shares of preferred stock at $112 for cash. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.

Occupational Products Inc., a wholesaler of office products, was organized on March 1 of the current year, with an authorization of 25,000 shares of preferred 2% stock, $100 par and 550,000 shares of par common stock. The following selected transactions were completed during the first year of operations: Mar. 1 Issued 243,000 shares of common stock at par for cash. 1 Issued 600 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. May 31 Jul. Issued 68,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $147,400, $518,700 and $163,500 respectively. 1 Issued 16,000 shares of preferred stock at $112 for cash. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.

Expert Answer

 

Mar-01 Cash 243000
     Common stock 243000
Mar-01 Organizational expense 600
     Common stock 600
May-31 Land 147400
Building 518700
Equipment 163500
     Common stock 68000
      Paid-In Capital in Excess of Par-Common Stock 761600
Jul-01 Cash 1792000
       Preferred Stock 1600000
        Paid-In Capital in Excess of Par-Preferred Stock 192000
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