or cs11 at / per share. Instructions e the transactions, assuming that the commo

Question

or cs11 at / per share. Instructions e the transactions, assuming that the common stock has a par value of $5 per share Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share. of E13-4 Osage Corporation issued 2,000 shares of stock. Instructions Prepare the entry for the issuance under the following assumptions. (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. E13-5 Quay Co. had the following transactions during the current period srock Mar. 2 Issued 5,000 shares of $5 par value common stock to attorneys in payment of a y stock bill for $30,000 for services performed in helping the company to incorporate. toor fon cash of $375 000

Explanation / Answer

a Cash 52000 Common Stock (2,000 shares x $5 par value per share) 10000 Paid-in Capital in Excess of Par Value 42000 b Cash 52000 Common Stock (2,000 shares x $5 stated value per share) 10000 Paid-in Capital in Excess of Par Value 42000 c Cash 52000     Common Stock, no par 52000 d Organization Costs ( agreed upon price) 52000 Common Stock (2,000 shares x $5 par value per share) 10000 Paid-in Capital in Excess of Par Value 42000 e Land 52000 Common Stock (2,000 shares x $5 par value per share) 10000 Paid-in Capital in Excess of Par Value 42000

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