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DeLong Corporation was organized on January 1, 2017. It is authorized to issue 15,000 shares of 8%, $100 par value preferred stock, and 504,000 shares
DeLong Corporation was organized on January 1, 2017. It is authorized to issue 15,000 shares of 8%, $100 par value preferred stock, and 504,000 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 85,000 shares of common stock for cash at $4 per share. | |
Mar. | 1 | Issued 5,150 shares of preferred stock for cash at $110 per share. | |
Apr. | 1 | Issued 22,000 shares of common stock for land. The asking price of the land was $90,000. The fair value of the land was $84,000. | |
May | 1 | Issued 78,000 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 $43,000 for services performed in helping the company organize. | |
Sept. | 1 | Issued 12,000 shares of common stock for cash at $7 per share. | |
Nov. | 1 | Issued 1,000 shares of preferred stock for cash at $113 per share.
Journalize the transactions |
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