DeLong Corp was organized on Jan 1, 2014. 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 transactioons 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 $4.50 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
Instructions: Post to the stockholders equity accounts. (Use J5 as the posting reference )