AB 116 WEEK 7 DeLong Corporation was organized on January 1 2014 It is authorized to issue 11800 shares of 8, $100 par value preferred stock, and 467,600 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 82,400 shares of common stock for cash at $6 per share.
Mar. 1 Issued 5,300 shares of preferred stock for cash at $108 per share.
Apr. 1 Issued 22,800 shares of common stock for land. The asking price of the land was $86,600. The fair value of the land was $82,300.
May 1 Issued 79,500 shares of common stock for cash at $4.45 per share.
Aug. 1 Issued 11,000 shares of common stock to attorneys in payment of their bill of $44,100 for services performed in helping the company organize.
Sept. 1 Issued 10,400 shares of common stock for cash at $7 per share.
Nov. 1 Issued 2,110 shares of preferred stock for cash at $111 per share.
Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually
Post to the stockholders’ equity accounts. (Post entries in the order of journal entries presented in the previous part.)
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India