Delong corporation was organized on january 1, 2017. it is authorized to issue 14,500 shares of 8%, $100 par value preferred stock, and 450,000 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 84,500 shares of common stock for cash at $6 per share. mar. 1 issued 5,150 shares of preferred stock for cash at $110 per share. apr. 1 issued 23,500 shares of common stock for land. the asking price of the land was $91,000. the fair value of the land was $81,500.may 1 issued 84,000 shares of common stock for cash at $5.00 per share. aug. 1 issued 10,000 shares of common stock to attorneys in payment of their bill of $39,500 for services performed in the company organize. sept. 1 issued 11,500 shares of common stock for cash at $7 per share. nov. 1 issued 2,000 shares of preferred stock for cash at $111 per share. journalize the transactions.
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