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Delong Corporation was organized on January 1, 2022. 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. Issued 80,000 shares of common stock for cash at $4 per share. Issued 5,000 shares of preferred stock for cash at $105 per share. 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 Issued 80.000 shares of common stock for cash at $4.50 per share 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. Jan 10 Mar. 1 Apr. 1 May Aug 1 1

Delong Corporation was organized on January 1, 2022. 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. Issued 80,000 shares of common stock for cash at $4 per share. Issued 5,000 shares of preferred stock for cash at $105 per share. 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 Issued 80.000 shares of common stock for cash at $4.50 per share 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. Jan 10 Mar. 1 Apr. 1 May Aug 1 1

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare the journal entry, ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,answer in text form please (without image), Note: .Every entry should have narration please
DeLong Corporation was organized on January 1, 2022. 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 Mar. 1 Apr. 1 May 1 Aug. 1 Sept. 1 Nov. 1 Issued 80,000 shares of common stock for cash at $4 per share. Issued 5,000 shares of preferred stock for cash at $105 per share. 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 Issued 80,000 shares of common stock for cash at $4.50 per share. 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 Issued 10,000 shares of common stock for cash at $5 per share. Issued 1,000 shares of preferred stock for cash at $109 per share. S
Transcribed Image Text:DeLong Corporation was organized on January 1, 2022. 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 Mar. 1 Apr. 1 May 1 Aug. 1 Sept. 1 Nov. 1 Issued 80,000 shares of common stock for cash at $4 per share. Issued 5,000 shares of preferred stock for cash at $105 per share. 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 Issued 80,000 shares of common stock for cash at $4.50 per share. 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 Issued 10,000 shares of common stock for cash at $5 per share. Issued 1,000 shares of preferred stock for cash at $109 per share. S
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