Plachy Products, Inc., a wholesaler of office products, was organized on February 20 of the current year

Plachy Products, Inc., a wholesaler of office products, was organized on February 20 of the current year,with an authorization of 55,000 shares of 2% preferred stock, $55 par and 500,000 of $25 par commonstock. The following selected transactions were completed during the first year of operations:February 20Issued 120,000 shares of common stock at par for cash.February 26Issued 770 shares of common stock at par to an attorney in payment of legal fees fororganizing the corporation.March 6Issued 16,000 shares of common stock in exchange for land, buildings, and equipmentwith fair market values of $75,000, $310,000 and $45,000, respectively.April 29Issued 19,000 shares of preferred stock at $70 for cash.Journalize the transactions.

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