Problem 13-1A DeLong Corporation was organized on January 1, 2017, It is authorized to issue 15,000 shares of 8%, $100 par value preferred stock, and 549,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year Jan. 10 Issued 75,500 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,950 shares of preferred stock for cash at $110 per share. Apr Issued 24,500 shares of common stock for land. The asking price of the land was $93,000. The fair value of the May Aug. land was $83,000. 1 Issued 80,000 shares of common stock for cash at $4.25 per share. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $45,000 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 2,500 shares of preferred stock for cash at $114 per share