Exercise 13-4 Osage Corporation issued 2,600 shares of stock. Prepare the entry

Question

Exercise 13-4 Osage Corporation issued 2,600 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.) (a) The stock had a par value of $6 per share and was issued for a total of $50,800 (b) The stock had a stated value of $6 per share and was issued for a total of $50,800. (c) The stock had no par or stated value and was issued for a total of $50,800. (d) The stock had a par value of $6 per share and was issued to attorneys for services during incorporation valued at $50,800 (e) The stock had a par value of $6 per share and was issued for land worth $50,800. No. Account Titles and Explanation Debit Credit 893 33

Explanation / Answer

No Account titles & Explanations Debit Credit a) Cash 50,800 Common stock (2600*6) 15600 paid in capital in excess of par 35,200 b) Cash 50,800 Common stock (2600*6) 15600 paid in capital in excess of par 35,200 c) Cash 50,800 Common stocj 50,800 d) organization expense 50,800 Common stock (2600*6) 15600 paid in capital in excess of par 35,200 e) land 50,800 Common stock (2600*6) 15600 paid in capital in excess of par 35,200

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