P13-1A DeLong Corporation was organized on January 1, 2017. It is authorized to issue 10,000 shares of8%, $100 par value pre erred 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 Issued 80,000 shares of common stock for cash at $4.50 per share. May Aug. 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. Sept. 1 Issued 10,000 shares of common stock for cash at $5 per share Nov. 1 Issued 1,000 shares of preferred stock for cash at $109 per share. Instructions (a) Journalize the transactions. (b) Post to the stockholders' equity accounts. (Use J5 as the posting reference.) (c) Prepare the paid-in capital section of stockholders' equity at December 31, 2017