DeLong Corporation was organized on January 1, 2022. 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 Aug. 1 Issued 80,000 shares of common stock for cash at $4.50 per share. 1 Sept 1 Nov. 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 Issued 10,000 shares of common stock for cash at $5 per share. Issued 1,000 shares of preferred stock for cash at $109 per share. Date Account Titles and Explanation Debit Jan. 10 Cash 320000 Common Stock Paid-in Capital in Excess of Par-Common Stock 525000 Mar. 1 Cash Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock 85000 Apr. 1 Land Common Stock Paid-in Capital in Excess of Par-Common Stock May 1 Cash Credit 160000 500000 25000 48000 37000 160000 Apr. 1 May 1 Land Common Stock Paid-in Capital in Excess of Par-Common Stock Cash 85000 48000 37000 160000 Common Stock 200000 Paid-in Capital in Excess of Par-Common Stock 30000 Aug. 1 Organization Expense 20000 Common Stock 10000 Paid-in Capital in Excess of Par-Common Stoc Sept. 1 Cash Common Stock 50000 20000 Su Aug. 1 Organization Expense Common Stock Paid-in Capital in Excess of Par-Common Stoc Sept. 1 Cash Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Nov. 1 Cash Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock 50000 109000 20000 10000 20000 30000 100000 9000