Question

Problem 13-01A a-c DeLong Corporation was organized on January 1 the first year. 2020 It is authorized to issue 10,000 shares of 6%炎100 par value preferred stock, and 500,000 shares of no par common stock with a stated value of $2 per share. The ollowing stock transactions were completed during an 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 1ssued 24,000 shares of comman stock for land. The asking price of the land was $90,000. The fair value af the land was $85,000 May Issued 80,000 shares of common stock for cash at $4.5 per share. Aug. 1 Issued 10,000 shares of common stock to attoneys in payment o their bill ot30,000 for services performed in helping the company organize Sept. 1 Issued 1D,000 shares of comman stork for cash at $5 per share. Nov. Issued 1,000 shares of preferred stock for cash at $109 per share

Please help me figure out what the incorrect ones are, thank you, thumbs up for corrections.

Answer 1

Journalize the transactions:

(corrected entries)

Date	Account Titles and Explanation	Ref. Post	Debit	Credit
Jan 10,	Cash		$320,000
	Common Stock			$160,000
	Paid in Capital in Excess of Stated Value - Common Stock			$160,000
1-Mar	Cash		$525,000
	Preferred Stock			$500,000
	Paid in Capital in Excess of Par - Preferred Stock			$25,000
1-Apr	Land		$85,000
	Common Stock			$48,000
	Paid in Capital in Excess of Stated Value - Common Stock			$37,000

Corrected Paid-in Capital in Excess of Stated Value – Common Stock Account

	Paid-in Capital in Excess of Stated Value - Common Stock
Date	Amount	Date	Amount
		10-Jan	$160,000
		1-Apr	$37,000
		1-May	$200,000
		1-Aug	$10,000
		1-Sep	$30,000
		Bal	$437,000

Corrected Balance Sheet –

Delong Corporation
Balance Sheet (Partial)
31-Dec-20
Paid-in Capital
Capital Stock
Preferred Stock		$600,000
Common Stock		$408,000
Total Capital Stock		$1,008,000
Additional Paid-in Capital
Paid in Capital in Excess of Stated Value - Common Stock	$437,000
Paid-in Capital in Excess of Par - Preferred Stock	$34,000
Total Additional Paid-in Capital		$471,000
Total Paid-in Capital		$1,479,000