Delong Corporation was organized on January 1, 2017. It is a 100 par value prefe

Question

Delong Corporation was organized on January 1, 2017. It is a 100 par value prefewed stock, and 497,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year lan. 10 Issued 79,500 shares of common stock for cash at $6 per share Mar. 1 Issued 5,200 shares of preferred stock for cash at $110 per share. Apr 1 Issued 24,000 shares of common stock for land. The asking price of the land was $94,500. The fair value of the land was $83.500 May 1 Issued 79,500 shares of common stock for cash at $4.50 per share. Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $42,500 for services performed in heliping the company organize. Sept. 1 tssued 10,000 shares of common stock for cash at $7 per share. Nov. 1 1ssued 1,000 shares of preferred stock for cash at $109 per share. Your answer is partially correct. Try again Dournalize the transactions. (Record journal entries in the order presented in the problem, Credit account titles are automatically indented when amount is entered Debit Credit ts by Study 9

Explanation / Answer

Please use the Account "Paid-in Capital in Excess of Stated Value—Common Stock" instead of what your are using. all the adjustment will be corrected.

Related Questions

Navigate

• Browse (All)
• Browse D
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.