Reference no: EM132017696

Problem - DeLong Corporation was organized on January 1, 2014. It is authorized to issue 1000$ per shares of 8%, 100$ par value preferred stock, and 500000 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 80000 shares of common stock for cash at 4$ per value

Mar 1 Issued 5000 shares of preferred stock for cash at 105$ per value

Apr 1 Issued 24000 shares of common stock for land. The asking price of the land was 90000. The fair value of the land was 85000

May 1 Issued 80000 shares of common stock for cash at $4.50 per share

Aug 1 Issued 10000 shares of common stock to attorneys in payment of their bill of 30000$ for services performed in helping the company organize

Sept 1 Issued 10000 shares of common stock for cash at 5$ per share

Nov 1 Issued 1000 shares of preferred stock for cash at 109$ per share

a) Journalize the transactions.

b) Post to the stockholders equity accounts (Use J5 as the posting reference).

c) Prepare the paid-in capital section of stockholders equity at December 31, 2014.