Osage Corporation issued 3,000 shares of stock. Prepare the entry for the issuan

Question

Osage Corporation issued 3,000 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 o decimal places, e.g. 5,675. 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 $9.75 per share and was issued for a total of $49,500. (b) The stock had a stated value of $9.75 per share and was issued for a total of $49,500. c) The stock had no par or stated value and was issued for a total of $49,500 (d) The stock had a par value of $9.75 per share and was issued to attorneys for services during incorporation valued at $49,500 (e) The stock had a par value of $9.75 per share and was issued for land worth $49,500 .50

Explanation / Answer

Journal entry ;

No Account and explanation debit credit a) Cash 49500 Common Stock (3000*9.75) 29250 Paid in capital in excess of par value-Common Stock 20250 (To record issue common Stock) b) Cash 49500 Common Stock 29250   Paid in capital in excess of stated value-Common Stock 20250 (To record issue common Stock) c) Cash 49500 Common Stock 49500 (To record issue common Stock) d) Organisation fees 49500 Common Stock 29250   Paid in capital in excess of par value-Common Stock 20250 (To record common stock) e) Land 49500    Common Stock 29250 Paid in capital in excess of par value-Common Stock 20250 (To record common stock)

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