Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

DeLong Corporation was organized on January 1, 2017. It is authorized to issue 14,500 shares of 8%, $100 par value preferred stock, and 464,000 shares

DeLong Corporation was organized on January 1, 2017. It is authorized to issue 14,500 shares of 8%, $100 par value preferred stock, and 464,000 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 81,500 shares of common stock for cash at $6 per share. Mar. 1 Issued 4,300 shares of preferred stock for cash at $110 per share. Apr. 1 Issued 22,500 shares of common stock for land. The asking price of the land was $87,000. The fair value of the land was $83,500. May 1 Issued 85,000 shares of common stock for cash at $4.25 per share. Aug. 1 Issued 12,000 shares of common stock to attorneys in payment of their bill of $40,500 for services performed in helping the company organize. Sept. 1 Issued 12,000 shares of common stock for cash at $6 per share. Nov. 1 Issued 2,500 shares of preferred stock for cash at $114 per share.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audits Of 401k Plans

Authors: Deloitte And Touche

2nd Edition

1119722039, 978-1119722038

More Books

Students also viewed these Accounting questions

Question

Format text, tables, and lists effectively.

Answered: 1 week ago