Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of...

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Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, w

Apr. 9. Issued 40,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $120,0

business accounting

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Answer 1

Answer #1

DATE	GENERAL JOURNAL	DEBIT	CREDIT
Feb 5	Cash	5,600,000
	Common stock		5,600,000
	(700,000*8)

Feb 5	Organization expenses	9,600
	Common stock		9,600
	(1,200*8)

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Answer 2

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