please help DeLong Corporation was organized on January 1, 2015. It is authorize

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DeLong Corporation was organized on January 1, 2015. It is authorized to issue 14,300 shares of 8%, $100 par value preferred stock, and 483,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 83,800 shares of common stock for cash at $6 per share. Mar. 1 Issued 4,100 shares of preferred stock for cash at $109 per share. Apr. 1 Issued 24,300 shares of common stock for land. The asking price of the land was $86,000. The fair value of the land was $88,900 May 1 Issued 78,800 shares of common stock for cash at $4.71 per share. Aug. 1 Issued 10,900 shares of common stock to attorneys in payment of their bill of $41,200 for services performed in helping the company organize. sepl' Sept. Issued 11,700 shares of common stock for cash at $7 per share Nov. 1 Issued 2,700 shares of preferred stock for cash at $113 per share Journalize the transactions. (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 O for the amounts.) Debit Credit Date Account Titles and Explanation Jan. 10 Mar. 1 Apr. 1 May 1 Aug. 1 Sept. 1 Nov. 1

Explanation / Answer

Journal No. Date Account Titles & Explanations Debit Credit 1 Jan-10 Cash 83800*$6 502800 Common stock 83800*3 251400 Paid-in Capital in excess of Stated value-Common stock-83800*3 251400 2 Mar-01 Cash 4100*$ 109 446900 Preferred stock 4100*100 410000 Paid-in Capital in excess of Par-Preferred stock-4100*9 36900 3 Apr-01 Land 88900 Common stock 24300*3 72900 Paid-in Capital in excess of Stated value-Common stock 16000 4 May-01 Cash78800*$ 4.71 371148 Common stock 78800*3 236400 Paid-in Capital in excess of Stated value-Common stock-78800*1.71 134748 5 Aug-01 Preliminary expenses 41200 Common stock 10900*3 32700 Paid-in Capital in excess of Stated value-Common stock 8500 6 Sep-01 Cash11700*$ 7 81900 Common stock 11700*3 35100 Paid-in Capital in excess of Stated value-Common stock-11700*4 46800 7 Nov-01 Cash 2700*$ 113 305100 Preferred stock 2700*100 270000 Paid-in Capital in excess of Par-Preferred stock-2700*13 35100 Preferred Stock Date JN Debit Credit Balance Mar-01 Cash 4100 shares 2 410000 410000 Nov-01 Cash 2700 shares 7 270000 680000 Common Stock Jan-10 Cash 83800 shares 1 251400 251400 Apr-01 Land 24300 share 3 72900 324300 May-01 Cash 78800 shares 4 236400 560700 Aug-01 Prel.exp10900 sh. 5 32700 593400 Sep-01 Cash11700 shares 6 35100 628500 Paid-in Capital in excess of Par-Preferred stock- Mar-01 Cash 4100*9 2 36900 36900 Nov-01 Cash 2700*13 7 35100 72000 Paid-in Capital in excess of Stated value-Common stock Jan-10 Cash 83800*3 1 251400 251400 Apr-01 Land 24300 shares 3 16000 267400 May-01 Cash 78800*1.71 4 134748 402148 Aug-01 Prel.exp10900 sh. 5 8500 410648 Sep-01 Cash11700*4 6 46800 457448 Delong Corporation Balance Sheet (Partial) Dec 31, 2015 Authorised 14300 shares of 8% $100 Preferred stock 483000 shares of no-par common stock stated value $3 Paid-in Capital Common Stock 628500 Paid-in Capital in excess of Stated value-Common stock 457448 1085948 Preferred Stock 680000 Paid-in Capital in excess of Par-Preferred stock- 72000 752000 Stock-holders' Equity 1837948

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