Business, 23.03.2020 20:29 miacervenka

DeLong Corporation was organized on January 1, 2017. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Journalize the following transactions
Jan.10 Issued 80,000 shares of common stock for cash at $4 per share.
Mar.1 Issued 5,000 shares of preferred stock for cash at $105 per share.
Apr. 1 Issued 24,000 shares of common stock for land. The asking price of the land was $90,000. The fair value of the land was $85,000.
May1 Issued 80,000 shares of common stock for cash at $4.5 per share.
Aug.1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $30,000 for services performed in helping the company organize.
Sept.1 Issued 10,000 shares of common stock for cash at $5 per share.
Nov.1 Issued 1,000 shares of preferred stock for cash at $109 per share.

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DeLong Corporation was organized on January 1, 2017. It is authorized to issue 10,000 shares of 8%,...

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