Exercise 13-4 Osage Corporation issued 4,350 shares of stock Prepare the entry f
ID: 2432019 • Letter: E
Question
Exercise 13-4 Osage Corporation issued 4,350 shares of stock Prepare the entry for the issuance under the following assumptions. (Credit account titles are automatically indented an (a) The stock had a par value of $7 per share and was issued for a total of $44,5o0. n l2 (c) The stock had no par or stated value and was issued for a total of $44,500. (b) The stock had a stated value of $7 per share and was issued for a total of $44,500 (d) The stock had a par value of $7 per share and was issued to attorneys for services during incorporation valued at $44,500. (e) The stock had a par value of $7 per share and was issued for land worth $44,500. No. Account Titles and Explanation Debit Credit 23Explanation / Answer
Answers
No.
Accounts title
Debit
Credit
Working
a.
Cash
$ 44,500.00
[total received]
Common Stock
$ 30,450.00
[4350 shares x $7 par]
Paid in Capital in excess of Par - Common Stock
$ 14,050.00
[44500 - 30450]
b.
Cash
$ 44,500.00
[total received]
Common Stock
$ 30,450.00
[4350 shares x $7 stated]
Paid in Capital in excess of Stated Value - Common Stock
$ 14,050.00
[44500 - 30450]
c.
Cash
$ 44,500.00
[total received]
Common Stock
$ 44,500.00
[total received]
d.
Legal Expenses
$ 44,500.00
[total fees]
Common Stock
$ 30,450.00
[4350 shares x $7 par]
Paid in Capital in excess of Par - Common Stock
$ 14,050.00
[44500 - 30450]
e.
Land
$ 44,500.00
[Land cost]
Common Stock
$ 30,450.00
[4350 shares x $7 par]
Paid in Capital in excess of Stated Value - Common Stock
$ 14,050.00
[44500 - 30450]
No.
Accounts title
Debit
Credit
Working
a.
Cash
$ 44,500.00
[total received]
Common Stock
$ 30,450.00
[4350 shares x $7 par]
Paid in Capital in excess of Par - Common Stock
$ 14,050.00
[44500 - 30450]
b.
Cash
$ 44,500.00
[total received]
Common Stock
$ 30,450.00
[4350 shares x $7 stated]
Paid in Capital in excess of Stated Value - Common Stock
$ 14,050.00
[44500 - 30450]
c.
Cash
$ 44,500.00
[total received]
Common Stock
$ 44,500.00
[total received]
d.
Legal Expenses
$ 44,500.00
[total fees]
Common Stock
$ 30,450.00
[4350 shares x $7 par]
Paid in Capital in excess of Par - Common Stock
$ 14,050.00
[44500 - 30450]
e.
Land
$ 44,500.00
[Land cost]
Common Stock
$ 30,450.00
[4350 shares x $7 par]
Paid in Capital in excess of Stated Value - Common Stock
$ 14,050.00
[44500 - 30450]
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