Question

Exercise 11-4 Osage Corporation issued 2,500 shares of stock. Prepare the entry for the issuance under the following as...

Exercise 11-4

Osage Corporation issued 2,500 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.)

(a) The stock had a par value of $7 per share and was issued for a total of $46,500.
(b) The stock had a stated value of $7 per share and was issued for a total of $46,500.
(c) The stock had no par or stated value and was issued for a total of $46,500.
(d) The stock had a par value of $7 per share and was issued to attorneys for services during incorporation valued at $46,500.
(e) The stock had a par value of $7 per share and was issued for land worth $46,500.

No.

Account Titles and Explanation

Debit

Credit

(a)

(b)

(c)

(d)

(e)

0 0
Add a comment Improve this question Transcribed image text
Answer #1
Journal Entries
Transaction Account Title and explanation Debit Credit
"A" Cash $                  46,500
         Common Stock $                     17,500
        Paid in Capital in excess of par - Common Stock $                     29,000
"B" Cash $                  46,500
         Common Stock $                     17,500
        Paid in Capital in excess of Stated value - Common Stock $                     29,000
"C" Cash $                  46,500
         Common Stock $                     46,500
"D" Preliminary Expenses $                  46,500
         Common Stock $                     17,500
        Paid in Capital in excess of par - Common Stock $                     29,000
"E" Land $                  46,500
         Common Stock $                     17,500
        Paid in Capital in excess of par - Common Stock $                     29,000
Add a comment
Know the answer?
Add Answer to:
Exercise 11-4 Osage Corporation issued 2,500 shares of stock. Prepare the entry for the issuance under the following as...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Concord Corporation issued 4,250 shares of stock. Prepare the entry for the issuance under the following...

    Concord Corporation issued 4,250 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. 5,650.) (a) The stock had a par value of $7 per share and was issued for a total of $51,000. (b) The stock had a stated value of $7 per share and was issued for a total of $51,000. (c) The stock...

  • Lorporation issued 3,500 shares of stock. Prepare the entry for the issuance under the following assumptions....

    Lorporation issued 3,500 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 decimal places, e.g. 5,650.) (a) The stock had a par value of $10 per share and was issued for a total of $53,500. (b) The stock had a stated value of $10 per share and was issued for a total of $53,500. (e) The stock had no...

  • OURCES Concord Corporation issued 3,500 shares of stock Prepare the entry for the issuance under the...

    OURCES Concord Corporation issued 3,500 shares of stock Prepare the entry for the issuance under the following assumptions (Credit account titles are automaticalily Indented when amount is entered. Do not indeat manually. Round anwers t 0 decimal places, eg·5,6S.) 13-04 13-06 13-08 (a) The stock had a par value of $10 per share and was issued for a total of $53,500 (b) The stock had a stated value of $10 per share and was issued for a total of $53,500...

  • Cullumber Company issued 1,000 shares of common stock. Prepare the entry for the issuance under the...

    Cullumber Company issued 1,000 shares of common stock. Prepare the entry for the issuance under the following assumptions. (Credit account titles are automatically indented when amount is enter o decimal places, e.g. 5,675. If no entry is required, select "No Entry" for the account tities and enter for the amounts.) (a) The stock had a par value of $4.00 per share and was issued for a total of $45,000. (b) The stock had a stated value of $4.00 per share...

  • E11.4 (LO 2) Osage Corporation issued 2,000 shares of stock. Instructions Prepare the entry for the...

    E11.4 (LO 2) 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...

  • sage Corporation issued 4,050 shares of stock under the folowing assumptions. (Credit account titles are automatically...

    sage Corporation issued 4,050 shares of stock under the folowing assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually Round anssers to 0 decimal ple a) The stock had a par value of $7 per share and was issued for a total of $56,500. (b) The stock had a stated value of $7 per share and was issued for a total of $56,500. (c) The stock had no par or stated value and was...

  • gnment CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN Blue Spruce Corp. issued 2,550 shares of stock. Prepare...

    gnment CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN Blue Spruce Corp. issued 2,550 shares of stock. Prepare the entry for the issuance under the following assumptions. (Credit account titles are automatically indented when amou. manually. Round answers to o decimal places, e.g. 5,675. If no entry is required, select "No Entry" for the account titles ar (a) The stock had a par value of $9.00 per share and was issued for a total of $48,500. (b) The stock had a stated...

  • Concord Corporation has issued 2,500 shares of common stock and 500 shares of preferred stock for...

    Concord Corporation has issued 2,500 shares of common stock and 500 shares of preferred stock for a lump sum of $94,000 cash. Give the entry for the issuance assuming the same facts as the par value of the common stock was $5 and the fair value of $22 per share, and the par value of the preferred stock was $40 and has no ready market. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If...

  • Sunland Company has issued 2,500 shares of common stock and 500 shares of preferred stock for...

    Sunland Company has issued 2,500 shares of common stock and 500 shares of preferred stock for a lump sum of $94,000 cash Give the entry for the issuance assuming the par value of the common stock was $5 and the fair value $30, and the par value of the preferred stock was $40 and the fair value $50. (Each valuation is on a per share basis and there are ready markets for each stock.) (Credit account titles are automatically indented...

  • Bramble Corp. has issued 2,200 shares of common stock and 440 shares of preferred stock for...

    Bramble Corp. has issued 2,200 shares of common stock and 440 shares of preferred stock for a lump sum of $83,000 cash. Part 1 Give the entry for the issuance assuming the par value of the common stock was $5 and the fair value $30, and the par value of the preferred stock was $40 and the fair value $50. (Each valuation is on a per share basis and there are ready markets for each stock.) (Credit account titles are...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT