A.

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C.

Problem 11-1A DeLong Corporation was organized on January 1, 2017, It is authorized to issue 15,000 shares of 8%, $100 par value preferred stock, and 456,000 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 79,000 shares of common stock for cash at $4 per share. Mar. Issued 5,000 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 $94,500. The fair value of the land was $87,500 May 1 Issued 77,500 shares of common stock for cash at $5.25 per share Aug. 1 Issued 11,000 shares of common stock to attorneys in payment of their bill of $45,000 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 2,000 shares of preferred stock for cash at $113 per share