Exercise 11-4 Osage Corporation issued 1,300 shares of stock. Prepare the entry

Question

Exercise 11-4

Osage Corporation issued 1,300 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. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

No.

Account Titles and Explanation

Debit

Credit

(a)

(b)

(c)

(d)

(e)

(a) The stock had a par value of $8 per share and was issued for a total of $46,200. (b) The stock had a stated value of $8 per share and was issued for a total of $46,200. (c) The stock had no par or stated value and was issued for a total of $46,200. (d) The stock had a par value of $8 per share and was issued to attorneys for services during incorporation valued at $46,200. (e) The stock had a par value of $8 per share and was issued for land worth $46,200.

Explanation / Answer

a Cash 46200      Common Stock 10400 =1300*8      Paid in capital in excessof par-Common Stock 35800 b Cash 46200      Common Stock 10400      Paid in capital in excess of stated value -Common Stock 35800 c Cash 46200      Common Stock 46200 d Organization expense 46200      Common Stock 10400      Paid in capital in excess of par-Common Stock 35800 e Land 46200      Common Stock 10400      Paid in capital in excess of par-Common Stock 35800

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