Problem 11-1A DeLong Corporation was organized on January 1, 2017, It is authorized to issue 12,000 shares of 8%, $100 par value preferred stock, and 513,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year, an. 10 Issued 77,000 shares of common stock for cash at $6 per share Mar. 1 Issued 4,300 shares of preferred stock for cash at $105 per share. Apr. 1 Issued 25,000 shares of common stock for land. The asking price of the land was $93,000. The fair value of the land was $84,500 May Issued 76,000 shares of common stock for cash at $4.50 per share Aug. 1 1sued 12,000 shares of common stock to attorneys in payment of their bill of $36,000 for services performed in helping the company organize. Sept. 1 Issued 10,500 shares of common stock for cash at $7 per share. Nov. 1 Issued 1,000 shares of preferred stock for cash at $112 per share