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Problem 13-01A a-c DeLong Corporation was organized on January 1 the first year. 2020 It is authorized to issue 10,000 shares of 6%100 par value preferred stock, and 500,000 shares of no par common stock with a stated value of $2 per share. The ollowing stock transactions were completed during an 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 1ssued 24,000 shares of comman stock for land. The asking price of the land was $90,000. The fair value af the land was $85,000 May Issued 80,000 shares of common stock for cash at $4.5 per share. Aug. 1 Issued 10,000 shares of common stock to attoneys in payment o their bill ot30,000 for services performed in helping the company organize Sept. 1 Issued 1D,000 shares of comman stork for cash at $5 per share. Nov. Issued 1,000 shares of preferred stock for cash at $109 per share Journalize the transactions. (Record journal entries in the order presented in the problem Date Account Titles and Explanation Debit Credit an. 10 Cash 320000 Common Stock 16000 Paid-in Capital in Excess of Stated Value-Common 16000 Mar. 1 Cash 525000 Preferred Stock 50000 Share Premium-Preference 25000 Apr. 1 ' Land 90000 Common Stock 48000 Paid-in Capital in Excess of Stated Value-Common 42000 May 1 Cash 360000 Common Stock 160000 Paid-in Capital in Excess of Stated Value-Commo 200000 Aug. 1 Organization Expense 30000 Common Stock 20000 Paid-in Capital in Excess of Stated Value-Commo 10000 Sept. 1 Cash 50000 Common Stock 20000 Paid-in Capital in Excess of Stated Value-Commo 30000 Nov. 1 Cash 109000 Preferred Stock 100000 Share Premium-Preference 9000 Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Common Stock Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Prepare the paid-in capital section of stockholders' equity at December 31, 2020. (Enter the ac DELONG CORPORATION Balance Sheet (Partial)

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