Exercise 11-4 Your answer is partially correct. Try again Osage Corporation issu

Question

Exercise 11-4 Your answer is partially correct. Try again Osage Corporation issued 2,000 shares of stock. Prepare the entry for the issuance under the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,675. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) The stock had a par value of $5 per share and was issued for a total of $52,000. (b) The stock had a stated value of $5 per share and was issued for a total of $52,000. (c) The stock had no par or stated value and was issued for a total of $52,000 (d) The stock had a par value of $5 per share and was issued to attorneys for services during incorporation valued at $52,000. (e) The stock had a par value of $5 per share and was issued for land worth $52,000. No. Account Titles and Explanation (a) TCash Debit Credit 52000 Common Stock 10000 Paid-in Capital in Excess of Par-Common Stock 42000

Explanation / Answer

Sl no.

Account Titles and Explanation

Debit

Credit

b)

Cash

52000

      Common Stock

10000

      Paid-in capital in Excess of Stated Value – Common Stock

42000

d)

Incorporation expenses

52000

      Common Stock

10000

      Paid-in capital in Excess of Par – Common Stock

42000

Sl no.

Account Titles and Explanation

Debit

Credit

b)

Cash

52000

      Common Stock

10000

      Paid-in capital in Excess of Stated Value – Common Stock

42000

d)

Incorporation expenses

52000

      Common Stock

10000

      Paid-in capital in Excess of Par – Common Stock

42000

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