Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help me figure out what the incorrect ones are, thank you, thumbs up for corrections. Problem 13-01A a-c DeLong Corporation was organized on January
Please help me figure out what the incorrect ones are, thank you, thumbs up for corrections.
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 Your answer is partially correct. Try again Journalize the transactions. (Record journal entries in the order presented in the problem. Credit Date Account Titles and Explanation Debit Credit Jan. 10 Cash 320000 Common Stock 16000 Paid-in Capital in Excess of Stated Value-Common 16000 Mar. 1 ||Cash 525000 Preferred Stock 50000 Paid-in Capital in Excess of Par-Preferred Stock 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-Common 200000 Aug. 1 Organization Expense 30000 Common Stock 20000 Paid-in Capital in Excess of Stated Value-Common 10000 Sept. 1 Cash 50000 Common Stock 20000 Paid-in Capital in Excess of Stated Value-Common 30000 Nov. 1 |Cash 109000 Preferred Stock 100000 Paid-in Capital in Excess of Par-Preferred Stock 9000 Your answer is partially correct. Try again Post to the stockholders' equity accounts. (Post entries in the order of journal entries pr Preferred Stock Mar. 1 500000 Nov. 1 100000 Bal 600000 Common Stock Jan. 10 160000 Apr. 1 48000 May 1 160000 20000 Aug. 1 Sept. 1 Bal 20000 408000 Paid-in Capital in Excess of Par-Preferred Stock Mar. 1 25000 Nov. 1 9000 Bal 34000 Paid-in Capital in Excess of Stated Value-Common Stock Jan. 10 160000 Apr. 1 May 1 Aug. 1 v Sept. 1 42000 200000 10000 30000 Bal 442000 Your answer is partially correct. Try again Prepare the paid-in capital section of stockholders' equity at December 31, 2020. (Enter the account DELONG CORPORATION Balance Sheet (Partial) December 31, 2020 Stockholders' Equity Capital Stock Common Stock 1000000 Preferred Stock 1000000 Total Capital Stock 2000000 Expenses Common Stock 408000 Preferred Stock 600000 Total Expense 1008000 Total Paid-in Capital and Retained Earnings 1005000 List Of Accounts Problem 13-01A a-c Accounts Receivable Cash Common Stock Equipment Income Summary Inventory Land Organization Expense Paid-in Capital from Treasury Stock Paid-in Capital in Excess of Par-Common Stock Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Patents Preferred Stock Retained Earnings Share Capital-Ordinary Share Capital-Preference Share Premium-Ordinary Share Premium-Preference Treasury StockStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started