P11-1A DeLong Corporation was organized on January 1, 2019. 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. 1 Issued 5,000 shares of preferred stock for cash at $105 per share. Mar. 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. Apr. 1 Issued 80,000 shares of common stock for cash at $4.50 per share. May 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. 1 Issued 10,000 shares of common stock for cash at $5 per share. Aug. Sept. 1 Issued 1,000 shares of preferred stock for cash at $109 per share. Nov. Instructions (a) Journalize the transactions. (b) Post to the stockholders' equity accounts. (Use T-accounts.) (c) Prepare the paid-in capital section of stockholders' equity at December 31, 2019. (c) Total paid-in capital $1,479,000 Journalize and post treasury stock transactions, and prepare stockholders' equity section. (LO 2.4)