Exercise 11-4 Your answer is partially correct. Try again Luis Corporation issue

Question

Exercise 11-4 Your answer is partially correct. Try again Luis Corporation issued 2,500 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.) (a) The stock had a par value of $4 per share and was issued for a total of $47,100 (b) The stock had a stated value of $4 per share and was issued for a total of $47,100 (c) The stock had no par or stated value and was issued for a total of $47,100 (d) The stock had a par value of $4 per share and was issued to attorneys for services during incorporation valued at $47,100 (e) The stock had a par value of $4 per share and was issued for land worth $47,100 No. Account Titles and Explanation Debit Credit (a) Tcash Common Stock Paid-in Capital in Excess o (b) Tcasth Common Stock Paid-in Capital in Excess o

Explanation / Answer

a Cash 47100       Common Stock 10000 =2500*4       Paid-in Capital in Excess of Par-Common Stock 37100 b Cash 47100       Common Stock 10000       Paid-in   Capital   in   Excess   of   Stated   Value-Common Stock 37100 c Cash 47100       Common Stock 47100 d Organization Expense 47100       Common Stock 10000       Paid-in Capital in Excess of Par-Common Stock 37100 e Land 47100       Common Stock 10000       Paid-in Capital in Excess of Par-Common Stock 37100

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