Question
Problem 13-1A DeLong Corporation was organized on January 1, 2017. It is authorized to issue 14,500 shares of 8%, $100 par value preferred stock, and
Problem 13-1A
DeLong Corporation was organized on January 1, 2017. It is authorized to issue 14,500 shares of 8%, $100 par value preferred stock, and 475,000 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 84,500 shares of common stock for cash at $4 per share. | |
Mar. | 1 | Issued 4,050 shares of preferred stock for cash at $110 per share. | |
Apr. | 1 | Issued 24,000 shares of common stock for land. The asking price of the land was $88,500. The fair value of the land was $83,500. | |
May | 1 | Issued 83,000 shares of common stock for cash at $5.25 per share. | |
Aug. | 1 | Issued 12,000 shares of common stock to attorneys in payment of their bill of $40,500 for services performed in helping the company organize. | |
Sept. | 1 | Issued 11,500 shares of common stock for cash at $5 per share. | |
Nov. | 1 | Issued 2,500 shares of preferred stock for cash at $111 per share. |
Post to the stockholders equity accounts. (Post entries in the order of journal entries presented in the previous part.)
Prepare the paid-in capital section of stockholders equity at December 31, 2017. (Enter the account name only and do not provide the descriptive information provided in the question.) |
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