Question

DeLong Corporation was organized on January 1, 2017. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 514,000 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 78,000 shares of common stock for cash at $4 per share.
Mar.	1		Issued 5,300 shares of preferred stock for cash at $110 per share.
Apr.	1		Issued 23,500 shares of common stock for land. The asking price of the land was $86,000. The fair value of the land was $88,000.
May	1		Issued 83,000 shares of common stock for cash at $4.75 per share.
Aug.	1		Issued 11,500 shares of common stock to attorneys in payment of their bill of $43,000 for services performed in helping the company organize.
Sept.	1		Issued 11,000 shares of common stock for cash at $5 per share.
Nov.	1		Issued 1,000 shares of preferred stock for cash at $111 per share

Journalize the transactions.

Post to the stockholders’ equity accounts.

Prepare the paid-in capital section of stockholders’ equity at December 31, 2017.

Answer 1