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

IF there are errors on part a please do correct, looking for full answer for b and c. thank you for help, full answer will get thumbs up.

Answer 1

Some corrections in part a

Date	Account Title	Ref	Debit($)	Credit ($)
Mar. 1	Cash		$ 525,000
	Preferred Stock			$ 500,000
	Paid-in-capital in ecxess of par - PreferredStock			$ 25,000
Nov. 1	Cash		$ 109,000
	Preferred stock			$ 100,000
	Paid-in-capital in excess of par - Preferred Stock			$ 9,000

DELONG COR PORATION Balanee theet (Aartial) at of December 3, 2020 ghareholder'sを.u.t Autho rised $1,000,0o0 Common tock Preferred tock Total Aerthorfsed 1,000,000 issne 408,000 Common tock Preferred stouk Total iuned $1,008 000 Total stock I, ods, 0oo aid-t Cap tal pard-1n CapH«J in Excess stated | 442,060 paid in. Capital In Exen o4 par 8, boo Total-paid n Capital -Common Stork 34,00 -pve-ferred stock. 串471,000 Total sthelhe ldess Equity 1484, oco