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DeLong Corporation was organized on January 1, 2020. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock, and 500,000 shares
DeLong Corporation was organized on January 1, 2020. 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. | 1 | Issued 1,000 shares of preferred stock for cash at $109 per share. Journalize the transactions |
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