Problem 13-1A Delong Corporation was organized on January 1, 2017. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 550,000 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 80,500 shares of common stock for cash at $6 per share. Mar. 1 Issued 4,400 shares of preferred stock for cash at $105 per share. Apr.issued 24,500 shares of common stock for land. The asking price of the land was $86,000. The fair value of the land was $87,500. May 1 Issued 85,000 shares of common stock for cash at $4.25 per share. Aug. 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 Sept. 1 Issued 10,000 shares of common stock for cash at $6 per share. Nov. 1 Issued 1,500 shares of preferred stock for cash at $115 per share. organize Post to the stockholders' equity accounts. (Post entries in the order of journa Preferred Stock Date Explanation Ref. Debit Credit Balance J5 35 Common Stock Date Explanation Ref. Debit Credit Balance 35 J5 J5 15 J5 Paid-in Capital in Excess of Par-Preferred Stock Date Explanation Ref. 'Deblt Credit Balance 35 J5 Paid-in Capital in Excess of Stated Value-Common Stock Date Explanation Ref. Debit Credit Balance J5 Paid-in Capital in Excess of Stated Value-Common Stock Date Explanation Ref. Debit Credit Balance > J5 > J5