DeLong Corporation was organized on January 1, 2017. It is authorized to issue10,000shares of 8%, $100par value preferred stock, and500,000shares of no-par common stock with a stated value of $2per share. The following stock transactions were completed during the first year.

Jan.10Issued80,000shares of common stock for cash at $4per share.Mar.1Issued5,000shares of preferred stock for cash at $105per share.Apr.1Issued24,000shares of common stock for land. The asking price of the land was $90,000. The fair value of the land was $85,000.May1Issued80,000shares of common stock for cash at $4.5per share.Aug.1Issued10,000shares of common stock to attorneys in payment of their bill of $30,000for services performed in helping the company organize.

Sept.1Issued10,000shares of common stock for cash at $5per share.Nov.1Issued1,000shares of preferred stock for cash at $109per share.

Post to the stockholders equity accounts.