Exercise 11-4 Osage Corporation issued 2,000 shares of stock. Prepare the entry
ID: 2534551 • Letter: E
Question
Exercise 11-4 Osage Corporation issued 2,000 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 $5 per share and was issued for a total of $52,000. (b) The stock had a stated value of $5 per share and was issued for a total of $52,000 (c) The stock had no par or stated value and was issued for a total of $52,000. (d) The stock had a par value of $5 per share and was issued to attorneys for services during incorporation valued at $52,000 (e) The stock had a par value of $5 per share and was issued for land worth $52,000. No. Account Titles and Explanation Debit CreditExplanation / Answer
Answers
No.
Accounts Title
Debit
Credit
(a)
Cash [2000 x $26]
$ 52,000.00
Common Stock [2000 x $5]
$ 10,000.00
Additional Paid In Capital in excess of Par - Common Stock [2000 x $21]
$ 42,000.00
(b)
Cash [2000 x $26]
$ 52,000.00
Common Stock [2000 x $5]
$ 10,000.00
Additional Paid In Capital in excess of Par - Common Stock [2000 x $21]
$ 42,000.00
(c )
Cash [2000 x $26]
$ 52,000.00
Common Stock
$ 52,000.00
(d)
Incorporation charges [2000 x $26]
$ 52,000.00
Common Stock [2000 x $5]
$ 10,000.00
Additional Paid In Capital in excess of Par - Common Stock [2000 x $21]
$ 42,000.00
(e )
Land [2000 x $26]
$ 52,000.00
Common Stock [2000 x $5]
$ 10,000.00
Additional Paid In Capital in excess of Par - Common Stock [2000 x $21]
$ 42,000.00
No.
Accounts Title
Debit
Credit
(a)
Cash [2000 x $26]
$ 52,000.00
Common Stock [2000 x $5]
$ 10,000.00
Additional Paid In Capital in excess of Par - Common Stock [2000 x $21]
$ 42,000.00
(b)
Cash [2000 x $26]
$ 52,000.00
Common Stock [2000 x $5]
$ 10,000.00
Additional Paid In Capital in excess of Par - Common Stock [2000 x $21]
$ 42,000.00
(c )
Cash [2000 x $26]
$ 52,000.00
Common Stock
$ 52,000.00
(d)
Incorporation charges [2000 x $26]
$ 52,000.00
Common Stock [2000 x $5]
$ 10,000.00
Additional Paid In Capital in excess of Par - Common Stock [2000 x $21]
$ 42,000.00
(e )
Land [2000 x $26]
$ 52,000.00
Common Stock [2000 x $5]
$ 10,000.00
Additional Paid In Capital in excess of Par - Common Stock [2000 x $21]
$ 42,000.00
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