Instructions Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 80,000 shares of preferred 2% stock, $70 par, and 900,000 shares of $11 par common stock. The following selected transactions were completed during the first year of operations: July 1. Issued 260,000 shares of common stock at par for cash. Issued 2,000 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Aug. 7. Issued 60,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $320,000,$550,000, and $90,000, respectively. Sept. 20. Issued 30,000 shares of preferred stock at $74 for cash. Required: Journalize
Instructions Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 80,000 shares of preferred 2% stock, $70 par, and 900,000 shares of $11 par common stock. The following selected transactions were completed during the first year of operations: July 1. Issued 260,000 shares of common stock at par for cash. Issued 2,000 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Aug. 7. Issued 60,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $320,000,$550,000, and $90,000, respectively. Sept. 20. Issued 30,000 shares of
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