Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. delong corporation was organized on january 1, 201

DeLong Corporation was organized on January 1, 2017. It is authorized to issue 14,000 shares...

80.2K

Verified Solution

Question

Accounting

DeLong Corporation was organized on January 1, 2017. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 538,000 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 75,000 shares of common stock for cash at $4 per share.
Mar. 1 Issued 5,050 shares of preferred stock for cash at $110 per share.
Apr. 1 Issued 24,000 shares of common stock for land. The asking price of the land was $92,000. The fair value of the land was $87,500.
May 1 Issued 83,500 shares of common stock for cash at $4.50 per share.
Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $38,000 for services performed in helping the company organize.
Sept. 1 Issued 11,000 shares of common stock for cash at $7 per share.

Nov. 1 Issued 2,000 shares of preferred stock for cash at $109 per share.

Post to the stockholders equity accounts. Prepare the paid-in capital section of stockholders equity at December 31, 2017.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students