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@ 4)?47% [O Fn 1:14AM lda aetalia a i tion Was Oro x s://edugen.wile edugen/student/mainfr.uni Weygandt, Financial Accounting, 10e FINANCIAL ACCOUNTING (ACc 2000) BACK Problem 11-1A DeLong Corporation was organized on January 1, 2019. 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. Mar. 1 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 organize. May Aug. 1 1 $30,000 for services performed in helping the company 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. Your answer is partially correct. Try again. 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.) Debit Credit Date Account Titles and Explanation

Explanation / Answer

DELONG CORPORATION General journal for the year 2019 Date Account Title Debit Credit Jan.10, 2019 Cash 320000 Common stock 160000 Paid-in-capital in excess of stated value - Common stock 160000 (Issue of 80,000 shares of common stock @$4 per share) Mar.1, 2019 Cash 525000 Preferred Capital 500000 Paid-in-capital in excess of par value - preferred stock 25000 (Issue of 5,000 shares of preferred stock @$105 per share) Apr.1, 2019 Land 85000 Common stock 48000 Paid-in-capital in excess of stated value - Common stock 37000 (Issue of 24,000 shares of common stock for land FMV - $85,000) May.1, 2019 Cash 360000 Common stock 160000 Paid-in-capital in excess of stated value - Common stock 200000 (Issue of 80,000 shares of common stock @$4.50 per share) Aug.1, 2019 Legal Expenses 30000 Common stock 20000 Paid-in-capital in excess of stated value - Common stock 10000 (Issue of 10,000 shares of common stock for attotney's charges) Sept.1,2019 Cash 50000 Common stock 20000 Paid-in-capital in excess of stated value - Common stock 30000 (Issue of 10,000 shares of common stock @$5.00 per share) Nov.1, 2019 Cash 109000 Preferred Capital 100000 Paid-in-capital in excess of par value - preferred stock 9000 (Issue of 1,000 shares of preferred stock @$109 per share) DELONG CORPORATION Balance sheet (Partial) Paid-up-Capital: Prefered Capital, 8% , $100 par, 10,000 shares authorised 600000 6,000 shares issued and outstanding Common stock, $2 stated value, 500,000 shares authorised 204,000 shares issued and outstanding 408000 Paid in capital in excess of par -- preferred stock 34000 Paid in capital in excess of stated value -- common stock 437000 Total paid up capital 1479000

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