ere completed during the DeLong Corporation was organized on January 1, 2017. It is authorized to issue 11 000 shares of 8% $100 par value preter ed stock and 520 000 shares of no per common stock with a stated value of S3 per share. The following stock transactions first year an. 10 Issued 75,500 shares of common stock for cash at $6 per share Mar. 1 ssued 5,500 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 $85,500. The fair value cf the land was S80,000. May 1 Issued 81,500 shares of common stock for cash at $4.25 per share. Aug. 1 [ssued 11,500 shares ot common stock to attorneys in payment or their bill of $39.500 for services performed in helping the company rganize. Sept. 1 Issued 12,000 shares of common stock for cash at $0er share Now. 1 ssued 2,000 shares of preferred stock for cash at $110 per share ournalize the transactions, (Record journal entrles in the order presented in the probiem. Credit account titles are automatically Indented when amount is entered, Do not Indent manually. If no entry is requlred, select "No Entry" for the account titles and enter 0 for the amounts Account Titles and Explanation Credit Debit