Newgen Products Inc., a wholesaler of office products, was organized on February 20 of the current year, with an authorization of 75,000 shares of 2% preferred stock, $50 par and 400,000 shares of $15 par common stock. The following selected transactions were completed during the first year of operations:
Feb. 20. Issued 150,000 shares of common stock at par for cash
26. Issued 500 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.
Mar. 6. Issued 18,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $50,000, $275,000, and $60,000, respectively
Apr. 30. Issued 20,000 shares of preferred stock at $60 for cash
Journalize the transactions.