Hide or show questionseBook Show Me HowPrint ItemIssuing StockProfessional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 50,000 shares of preferred 2% stock, $60 par and 1,000,000 shares of $8 par common stock. The following selected transactions were completed during the first year of operations: Feb. 5. Issued 600,000 shares of common stock at par for cash.
Feb. 5. Issued 1,500 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.
Apr. 9. Issued 45,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $100,000, $310,000, and $85,000 respectively.
June 14. Issued 30,000 shares of preferred stock at $53 for cash.

Required:
Journalize the transactions.

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

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