P11-1A Journalize stock transactions, post, and prepare paid-in capital sections. DeLong Corporation was organized on January 1, 2015. It is authorized to issue 10,000 shares of 8%, 100 par value preferred stock, and 50,000 shares of no-par common stock. The following stock transactions were completed during the first year.

10-Jan Issued 80,000 shares of common stock for cash at $4 per share.

1-Mar Issued 5,000 shares of preferred stock for cash at $105 per share.

1-Apr 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.

1-May Declared a cash dividend on common stock in the amount of $50,000.

1-Jun Paid cash dividends declared on May 1st. 1-Sep Issued 10,000 shares of common stock for cash at $5 per share.

1-Nov Issued 1,000 shares of preferred stock for cash at $109 per share. Instructions (a) Journalize the transactions.. (b) Post the entries to the T-accounts. GL tab. (c) Prepare equity section of the Balance Sheet - and heading - at December 31, 2015.

General Ledger

(b)

Date

Date

Date

Cash

Land

Debit

Credit

Debit

Credit

Dividend Payable

Common Stcok

Debit

Credit

Debit

Credit

Preferred Stock

Additional Paid-In Capital - PS

Debit

Credit

Debit

Credit

Dividends

Debit

Credit

Assets
Current assets:
Total current assets
Total assets
Liabilities and Stockholders' Equity
Current liabilities:
Total current liabilities
Total liabilities
Preferred Stock, 8% Preferred stock, $100 par value, 10,000 shares authorized, 6,000 shares issued and outstanding
Common stock, no par, 500,000 shares authorized, 114,000 shares issued and outstanding
Preferred stock in excess of par
Total stockholders' equity
Total liabilities and stockholders' equity