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

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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.

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