Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Osage Corporation issued 1,000 shares of stock. Prepare the entry for the issuance under the following assumptions. (Credit account titles are automatically indented when amount

Osage Corporation issued 1,000 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 0 decimal places, e.g. 5,675. 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 $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 and was issued for a total of $45,000.
(c) The stock had no par or stated value and was issued for a total of $45,000.
(d) The stock had a par value of $4.00 per share and was issued to attorneys for services during incorporation valued at $45,000.
(e) The stock had a par value of $4.00 per share and was issued for land worth $45,000.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Audit Process Principles Practice And Cases

Authors: Stuart Manson, Iain Gray, Iain G. Sheffield, I.H. Gray, I. Etal Gray

2nd Edition

1861520107, 9781861520104

More Books

Students also viewed these Accounting questions

Question

Define procedural justice. How does that relate to unions?

Answered: 1 week ago