DeLong Corporation was organized on January 1, 2022. It is authorized to issue 10,000 shares of...

  

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DeLong Corporation was organized on January 1, 2022. 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. Jan. 10 Mar Apr. May Aug Sept. Nov. 1 1 1 1 1 1 Issued 80,000 shares of common stock for cash at $4 per share. Issued 5,000 shares of preferred stock for cash at $105 per share. 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. Issued 80,000 shares of common stock for cash at $4.50 per share. 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. Issued 10,000 shares of common stock for cash at $5 per share. Issued 1,000 shares of preferred stock for cash at $109 per share. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Jan 10 Mar 1 Apr 1 Account Titles and Explanation Cash Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Cash Preferred Stock Paidin Capital in Excess of Par-Preferred Stock Land Common Stock Paid in Copical in Excess of Stated Value-Common Stock Debit 320000 525000 85000 Credit ‒‒‒‒‒ 160000 160000 500000 25000 448000 97000 May 1 Aug 1: Sept. 1 # Nov. 1 Cash Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Organization Expense Common Stock Paid in Capital in Excess of Stated Value-Common Stock Cash Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Cash Preferred Stock Paid in Capital in Excess of Par-Preferred Stock III 360000 30000 50000 M 09000 III 160000 200000 20000 10000 20000 130000 T 100000 9000 Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) # Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock # # ÷ 4 111 Paid-in Capital in Excess of Stated Value-Common Stock # DeLong Corporation was organized on January 1, 2022. 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. Jan. 10 Mar Apr. May Aug Sept. Nov. 1 1 1 1 1 1 Issued 80,000 shares of common stock for cash at $4 per share. Issued 5,000 shares of preferred stock for cash at $105 per share. 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. Issued 80,000 shares of common stock for cash at $4.50 per share. 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. Issued 10,000 shares of common stock for cash at $5 per share. Issued 1,000 shares of preferred stock for cash at $109 per share. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Jan 10 Mar 1 Apr 1 Account Titles and Explanation Cash Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Cash Preferred Stock Paidin Capital in Excess of Par-Preferred Stock Land Common Stock Paid in Copical in Excess of Stated Value-Common Stock Debit 320000 525000 85000 Credit ‒‒‒‒‒ 160000 160000 500000 25000 448000 97000 May 1 Aug 1: Sept. 1 # Nov. 1 Cash Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Organization Expense Common Stock Paid in Capital in Excess of Stated Value-Common Stock Cash Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Cash Preferred Stock Paid in Capital in Excess of Par-Preferred Stock III 360000 30000 50000 M 09000 III 160000 200000 20000 10000 20000 130000 T 100000 9000 Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) # Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock # # ÷ 4 111 Paid-in Capital in Excess of Stated Value-Common Stock #

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