PROBLEMS SET A nwas organized on January 1. 2017. It is authorized so isauae Fosrnalias s DeLong Corn nar yalue preferred stock, and 500,000 shares of no-par comenon post snd prepore paid- stock ersnsactions stock with a stated value of $2 per share. The tollowing during the first year stock transactions were enmplerted capialsectint. LO 2, 4) 10 Issused 80,000 shares of common stock for cash a $4 per share ssued 5,000 shares of preferred stock for cash at $105 per o share GLS Mac I Apr I Issued 24.0 000 shares of common stock for land. The asking price of the land was $90,000. The fair value of the land was $85,000. ,000 shares of common stock for cash at $4.50 per share. $30,000 for services pertormed in helping the company organize. Nou I Issued 1,000 shares of preferred stock for cash at $109 per share. May I Issued 80 hares of common stock to attorneys in payment of their bill of 1 Issued 10,000 shares of common stock for cash at $5 per share lustructions (a) Journalize the transactions. (b) Post to the stockholders' equity accounts. (Use J5 as the posting reference.) (c) Prepare the paid-in capital section of stockholders' equity at December 31, 2017 $1,479,000