1 DeLong Corporation was organized on January 1, 2017 It is authorized to issue 10,000 shares of 8 , $100 par value preferred stock, and 500,000 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 80,000 shares of common stock for cash at $4 per share Mar 1 Issued 5,000 shares of preferred stock for cash at $105 per share Apr 1 Issued 24,000 shares of common stock for land The asking price of the land was $90,000 The fair value of the land was $85,000 May 1 Issued 80,000 shares of common stock for cash at $4 5 per share Aug 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $30,000 for services performed in helping the company organize Sept 1 Issued 10,000 shares of common stock for cash at $5 per share Nov 1Issued 1,000 shares of preferred stock for cash at $109 per share Journalize the transactions (Record journal entries in the order presented in the problem Credit account titles are automatically indented when amount is entered Do not indent manually )

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1. DeLong Corporation was organized on January 1, 2017. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock, and 500,000

1. DeLong Corporation was organized on January 1, 2017. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock, and 500,000 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 80,000 shares of common stock for cash at $4 per share.
Mar.	1	Issued 5,000 shares of preferred stock for cash at $105 per share.
Apr.	1	Issued 24,000 shares of common stock for land. The asking price of the land was $90,000. The fair value of the land was $85,000.
May	1	Issued 80,000 shares of common stock for cash at $4.5 per share.
Aug.	1	Issued 10,000 shares of common stock to attorneys in payment of their bill of $30,000 for services performed in helping the company organize.
Sept.	1	Issued 10,000 shares of common stock for cash at $5 per share.
		Nov. 1Issued 1,000 shares of preferred stock for cash at $109 per share. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)