Link to higher quality photo --> https://imgur.com/a/yt7tKH7 Problem 11-1A DeLon

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Link to higher quality photo --> https://imgur.com/a/yt7tKH7

Problem 11-1A DeLong Corporation ues organized on January 1, 2017. It is authorized to issue 13,000 shares of 8%, $100 per value preferred stock, and 520,000 sheres of no- common stock wKh?stated value of S3per share. The tolong stock ransactions were completed during the first year an. 10 ssued 64,500 shares of common stock for cash at $6 per share. Mar 1 tssued 5,150 shares of preferred stock for cash at $105 per share Aor. 1 Issued 24,000 shares of common stock for land, The asking prce of the land was $91,000. The fair valse of the land mas $80,500 May 1 esued 83,500 shares of common stock for cash at $4.75 per share Aug 1 Issued 11,000 shares of common stock to attorneys in payment of their bill of $38,500 for services performmed in helping the company organize. Sept. 1 ssued 12,000 shares of common stock for cash at $7 per share Now. 1 tssued 2,000 shares of preferred stock for cash at $109 per share Account Titiles and Explanation Date xplanation Ref Date Explanation Ref. Oate Explanation Ref Date Explanation Ref. Prepare the paid-in capital section of stockholders'equity at December 31, 2017, (Enter the account name only and do not provide the descriptive Balat (Z Sheet (Partial)

Explanation / Answer

1 Date Account tiltes and explanation Ref. Debit Credit Jan 10. Cash (84500*6) J1. 507000 Common Stock (84500*3) 253500 Paid-in Capital in Excess of Par—Common Stock 253500 (Issued common stock for cash) Mar 1. Cash (5150*105) J2. 540750 Preferred stock (5150*100) 515000 Paid-in Capital in Excess of Par—Preferred Stock 25750 (Issued preferred stock for cash) Apr 1. Land (At fair value) J3. 80500 Common Stock (24000*3) 72000 Paid-in Capital in Excess of Par—Common Stock 8500 (Issued common stock for land) May 1. Cash (83500*4.75) J4. 396625 Common Stock (83500*3) 250500 Paid-in Capital in Excess of Par—Common Stock 146125 (Issued common stock for cash) Aug 1. Organizational expense J5. 38500 Common Stock (11000*3) 33000 Paid-in Capital in Excess of Par—Common Stock 5500 (Issued common stock to attorney's payment) Sept 1. Cash (12000*7) J6. 84000 Common Stock (12000*3) 36000 Paid-in Capital in Excess of Par—Common Stock 48000 (Issued common stock for cash) Nov 1. Cash (2000*109) J7. 218000 Preferred stock (2000*100) 200000 Paid-in Capital in Excess of Par—Preferred Stock 18000 (Issued preferred stock for cash) 2 Preferred stock Date Explanation Ref. Debit Credit Balance Mar 1. Cash J2. 515000 515000 Nov 1. Cash J7. 200000 715000 Paid-in Capital in Excess of Par—Preferred Stock Date Explanation Ref. Debit Credit Balance Mar 1. Cash J2. 25750 25750 Nov 1. Cash J7. 18000 43750 Common stock Date Explanation Ref. Debit Credit Balance Jan 10. Cash J1. 253500 253500 Apr 1. Land J3. 72000 325500 May 1. Cash J4. 250500 576000 Aug 1. Organizational expense J5. 33000 609000 Sep 1. Cash J6. 36000 645000 Paid-in Capital in Excess of Par—Common Stock Date Explanation Ref. Debit Credit Balance Jan 10. Cash J1. 253500 253500 Apr 1. Land J3. 8500 262000 May 1. Cash J4. 146125 408125 Aug 1. Organizational expense J5. 5500 413625 Sep 1. Cash J6. 48000 461625 3 Shareholder's equity section $ Paid in capital: Preferred stock 715000 Common stock 645000 Additional paid-in capital Preferred stock 43750 Common stock 461625 Total Paid in capital 1865375

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