Problem 13 01A a c DeLong Corporation was organized on January 1, 2020 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 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 May 1 Issued 80,000 shares of common stock for cash at $4 5 per share 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 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 Stock DELONG CORPORATION Balance Sheet (Partial) December 31, 2020 X Stockholders' Equity X Paid in Capital Preferred Stock 600,000 Common Stock 408,000 Total Capital Stock 1,008,000 Additional Paid in Capital Paid in Capital in Excess of Par Preferred Stock 34,000 X Paid in Capital in Excess of Par Common Stock 437,000 Total Additional Paid in Capital 471,000 Total Paid in Capital 1,479,000

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Problem 13-01A a-c DeLong Corporation was organized on January 1, 2020. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock,

Problem 13-01A a-c

DeLong Corporation was organized on January 1, 2020. 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.
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.
May	1	Issued 80,000 shares of common stock for cash at $4.5 per share.
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.

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 Stock

DELONG CORPORATION Balance Sheet (Partial) December 31, 2020 X Stockholders' Equity X Paid-in Capital Preferred Stock 600,000 Common Stock 408,000 Total Capital Stock 1,008,000 Additional Paid-in Capital Paid-in Capital in Excess of Par-Preferred Stock 34,000 X Paid-in Capital in Excess of Par-Common Stock 437,000 Total Additional Paid-in Capital 471,000 Total Paid-in Capital 1,479,000