Help I S HURItY College Edition) ment PRNTER VERSON BACK Problem 13-1A DeLong Co
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Help I S HURItY College Edition) ment PRNTER VERSON BACK Problem 13-1A DeLong Corporation was organized on January 1, 2017. It is authorized to issue 12,000 shares of 8%.s00 par value preferred stock, and 462,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year Jan. 10 Issued 77,000 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,500 shares of preferred stock for cash at $110 per share. Apr. 1 Issued 25,000 shares of common stock for land. The asking price of the land was $88,000. The fair value of the land was s May 1 Issued 76,500 shares of common stock for cash at $5.25 per share. Aug. 1 Issued 12,000 shares of common stock to attorneys in payment of their bill of $44,000 for services performed in helping the company organize. Issued 12,000 shares of common stock for cash at $7 per share. Sept. 1 Nov. 1 Issued 3,000 shares of preferred stock for cash at $112 per share. Your answer is partially correct. Try again. Dournalize the transactions. (Reco indented when amount is entered. Do not indent manually.) rd journal entries in the order presented in the problem. Credit account titles are automatically Debit Credit Date Account Titles and Explanation 462,000 Jan. 10Cash 233,000 Common Stock 231 Paid-in Capital in Excess of Stated Value-Common Stock Version 4.24.5 y Policy I 2000:2018 2ohn Wiley& Sone Ins. All Rights Reserved. A Division of lohn Wilky &Sons; IncExplanation / Answer
Paid In capital
Capital Stock
Common Stock 607500
Prefered Stock 850000
Total Capital Stock 1457500
Additional Paid in Capital
Paid in Capital in Excess of Par - Common stock 468125
Paid in Capital in Excess of Par - Prefered Stock 91000
Total Additional paid up Capital 559125
Total Paid in Capital 2016625
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