Osage Corporation issued 2,100 shares of stock. Prepare the entry for the issuan
ID: 2515269 • Letter: O
Question
Osage Corporation issued 2,100 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.)
(e)
The stock had a par value of $6.25 per share and was issued for land worth $50,000.
(a) The stock had a par value of $6.25 per share and was issued for a total of $50,000. (b) The stock had a stated value of $6.25 per share and was issued for a total of $50,000. (c) The stock had no par or stated value and was issued for a total of $50,000. (d) The stock had a par value of $6.25 per share and was issued to attorneys for services during incorporation valued at $50,000.(e)
The stock had a par value of $6.25 per share and was issued for land worth $50,000.
No. Account Titles and Explanation Debit CreditExplanation / Answer
Answer
No.
Account Titles and Explanation
Debit
Credit
(a)
Cash
$ 50,000.00
Common Stock [2100 shares x $6.25]
$ 13,125.00
Addition paid in capital in excess of Par
$ 36,875.00
(b)
Cash
$ 50,000.00
Common Stock [2100 shares x $6.25]
$ 13,125.00
Addition paid in capital in excess of Par
$ 36,875.00
(c )
Cash
$ 50,000.00
Common Stock [2100 shares]
$ 50,000.00
(d)
Incorporation expenses
$ 50,000.00
Common Stock [2100 shares x $6.25]
$ 13,125.00
Addition paid in capital in excess of Par
$ 36,875.00
(e )
Land
$ 50,000.00
Common Stock [2100 shares x $6.25]
$ 13,125.00
Addition paid in capital in excess of Par
$ 36,875.00
No.
Account Titles and Explanation
Debit
Credit
(a)
Cash
$ 50,000.00
Common Stock [2100 shares x $6.25]
$ 13,125.00
Addition paid in capital in excess of Par
$ 36,875.00
(b)
Cash
$ 50,000.00
Common Stock [2100 shares x $6.25]
$ 13,125.00
Addition paid in capital in excess of Par
$ 36,875.00
(c )
Cash
$ 50,000.00
Common Stock [2100 shares]
$ 50,000.00
(d)
Incorporation expenses
$ 50,000.00
Common Stock [2100 shares x $6.25]
$ 13,125.00
Addition paid in capital in excess of Par
$ 36,875.00
(e )
Land
$ 50,000.00
Common Stock [2100 shares x $6.25]
$ 13,125.00
Addition paid in capital in excess of Par
$ 36,875.00
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