Delong corporation was organized on january 1, 2017. it is authorized to issue 14,500 shares of 8%, $100 par value preferred stock, and 450,000 shares of no-par common stock with a stated value of $3 per share. the following stock transactions were completed during the first year. jan. 10 issued 84,500 shares of common stock for cash at $6 per share. mar. 1 issued 5,150 shares of preferred stock for cash at $110 per share. apr. 1 issued 23,500 shares of common stock for land. the asking price of the land was $91,000. the fair value of the land was $81,500.may 1 issued 84,000 shares of common stock for cash at $5.00 per share. aug. 1 issued 10,000 shares of common stock to attorneys in payment of their bill of $39,500 for services performed in the company organize. sept. 1 issued 11,500 shares of common stock for cash at $7 per share. nov. 1 issued 2,000 shares of preferred stock for cash at $111 per share. journalize the transactions.

Vulcan flyovers offers scenic overflights of mount st. helens, the volcano in washington state that explosively erupted in 1982. data concerning the company’s operations in july appear below: vulcan flyovers operating data for the month ended july 31 actual results flexible budget planning budget flights (q) 56 56 54 revenue ($350.00q) $ 16,500 $ 19,600 $ 18,900 expenses: wages and salaries ($3,300 + $91.00q) 8,354 8,396 8,214 fuel ($31.00q) 1,904 1,736 1,674 airport fees ($870 + $35.00q) 2,730 2,830 2,760 aircraft depreciation ($11.00q) 616 616 594 office expenses ($240 + $1.00q) 464 296 294 total expense 14,068 13,874 13,536 net operating income $ 2,432 $ 5,726 $ 5,364 the company measures its activity in terms of flights. customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount. required: 1. prepare a flexible budget performance report for july that includes revenue and spending variances and activity variances.