Response to the following problem:
Calvert Products Inc., a wholesaler of office products, was organized on January 5 of the current year, with an authorization of 80,000 shares of 2% noncumulative preferred stock, $50 par and 250,000 shares of $100 par common stock.
The following selected transactions were completed during the first year of operations.
Jan. 5 Issued 10,000 shares of common stock at par for cash.
18 Issued 100 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.
Feb. 13 Issued 4,250 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $50,000, $280,000, and $120,000, respectively.
Apr. 1 Issued 3,500 shares of preferred stock at $52 for cash.
Journalize the transactions.