Transcribed Image Text: DeLong Corporation was organized on January 1, 2020. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock, and 500,000 shares of no-par

Transcribed Image Text: DeLong Corporation was organized on January 1, 2020. 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 Issued 80,000 shares of common stock for cash at $4 per share.
1 Issued 5,000 shares of preferred stock for cash at $105 per share.
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.
Mar.
Apг.
1 Issued 80,000 shares of common stock for cash at $4.50 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 ing the company organize.
May
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. Transcribed Image Text: Paid-in Capital in Excess of Stated Value-Common Stock
www.
<>
x m x x
பா

Need your ASSIGNMENT done? Use our paper writing service to score better and meet your deadline.


Click Here to Make an Order Click Here to Hire a Writer