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 $6 per share and was issued for a total of $52,000. b. The stock had a stated value of $6 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 $6 per share and was issued to attorneys for services during incorporation valued at $32,000. e. The stock had a par value of $10 per share and was issued for land worth $92,000
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 $6 per share and was issued for a total of $52,000. b. The stock had a stated value of $6 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 $6 per share and was issued to attorneys for services during incorporation valued at $32,000. e. The stock had a par value of $10 per share and was issued for land worth $92,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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 $6 per share and was issued for a total of $52,000.
b. The stock had a stated value of $6 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 $6 per share and was issued to attorneys for services during incorporation valued at $32,000.
e. The stock had a par value of $10 per share and was issued for land worth $92,000
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