Question $5$ of $5$

$\frac{-}{30}$

DeLong Corporation was organized on January $1,2027.$ 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\mathrm{.}50$ 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.