Exercise 11-4 Osage Corporation issued 1,850 shares of stock Prepare the entry f

Question

Exercise 11-4 Osage Corporation issued 1,850 shares of stock Prepare the entry for the issuance under the following assumptions. (Credit account titles are automatically indented when amount is er If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) (a) The stock had a par value of $7.50 per share and was issued for a total of $47,500. (b) The stock had a stated value of $7.50 per share and was issued for a total of $47,50o. (c) The stock had no par or stated value and was issued for a total of $47,500. (d) The stock had a par value of $7.50 per share and was issued to attorneys for services during incorporation valued at $47,500 (e) The stock had a par value of $7.50 per share and was issued for land worth $47,500 No. Account Titles and Explanation Debit Credit

Explanation / Answer

a Cash 47500       Common Stock 13875 =1850*7.5       Paid-in Capital in Excess of Par-Common Stock 33625 b Cash 47500       Common Stock 13875 =1850*7.5       Paid-in   Capital   in   Excess   of   Stated   Value-Common Stock 33625 c Cash 47500       Common Stock 47500 d Organization Expense 47500       Common Stock 13875       Paid-in Capital in Excess of Par-Common Stock 33625 e Land 47500       Common Stock 13875       Paid-in Capital in Excess of Par-Common Stock 33625

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