E13-4 Osage Corporation issued 2,000 shares of stock.

Instructions
Prepare the entry for the issuance under the following assump
(a) The stock had a par value of $5 per share and was issued fo
(b) The stock had a stated value of $5 per share and was issue
(c) The stock had no par or stated value and was issued for a t
(d) The stock had a par value of $5 per share and was issued to
during incorporation valued at $52,000.
(e) The stock had a par value of $5 per share and was issued fo

Account Title Debit

a- Cash 52,000
Common stock
Paid in capital in excess of Par

b- Cash 52,000
Common stock
Paid in capital in excess of stated value

c- Cash 52,000
Common stock

d- Organization costs 52,000

Common stock
 Paid in capital in excess of Par

e- Land 52,000
Common stock
Paid in capital in excess of Par
f stock.

llowing assumptions.
nd was issued for a total of $52,000.
e and was issued for a total of $52,000.
as issued for a total of $52,000.
nd was issued to attorneys for services

nd was issued for land worth $52,000.

Credit

10,000
42,000

10,000
42,000

52,000

10,000
42,000

10,000
42,000
 E13-7 On January 1, 2017, the stockholders’ equity
common stock ($5 par value) $1,500,000; paid-in ca
retained earnings $1,200,000. During the year, the f
occurred.
Mar. 1 Purchased 50,000 shares for cash at $15 per
July 1 Sold 10,000 treasury shares for cash at $17 pe
Sept. 1 Sold 8,000 treasury shares for cash at $14 pe
Instructions
(a) Journalize the treasury stock transactions.
(b) Restate the entry for September 1, assuming the

Account

March 1, 2017Treasury stock

Cash

July 1, 2017 Cash

Treasury stock
paid in capital: Treasury stock

Sep 1. 2017 Cash

paid in capital: Treasury stock
Treasury stock
B-
Sep 1. 2017 Cash
paid in capital: Treasury stock
Retained Earnings
Treasury stock
he stockholders’ equity section of Newlin Corporation shows
e) $1,500,000; paid-in capital in excess of par $1,000,000; and
00. During the year, the following treasury stock transactions

hares for cash at $15 per share.

shares for cash at $17 per share.
shares for cash at $14 per share.

stock transactions.
ptember 1, assuming the treasury shares were sold at $12 per share

Debit Credit

750,000
750,000 Paid in capital : Treasury stock
DR CR
170,000 20,000
150,000 1-Sep 8,000
y stock 20,000 12,000

112,000
8,000
120,000
 Treasury stock
DR CR
1-Mar 750,000
150,000
120,000
Bal 480,000

96,000
20,000
4,000
120,000

Paid in capital : Treasury stock

DR CR
20,000
1-Sep 20,000
0 0
 Retained earnings
DR CR
1,200,000
1-Sep 4,000
1,196,000
 shows
00; and
ctions

$12 per share

sury stock

1-Jul

BAL
ck

1-Jul
1-Sep

sury stock

1-Jul
ings

BAL

BAL
Stockholders Equity:
Paid in capital:
Capital stock:
Common stock, $ 5 par value 1,500,000
Additional paid in Capital:
paid in capital in excess of par 1,000,000
Total paid in capital 2,500,000
Retained Earnings 1,200,000
Total stockholders'Equity 3,700,000

Stockholders Equity:
Paid in capital:
Capital stock:
Common stock, $ 5 par value 1,500,000
Additional paid in Capital:
paid in capital in excess of par 1,000,000
paid in capital: Treasury stock 12,000
Total paid in capital 2,512,000
Retained Earnings 1,200,000
Less: Treasury stock -480,000
Total stockholders'Equity 3,232,000
Stockholders Equity:
Paid in capital:
Capital stock:
Common stock, $ 5 par value 1,500,000
Additional paid in Capital:
paid in capital in excess of par 1,000,000
Total paid in capital 2,500,000
 Retained Earnings 1,196,000
Less: Treasury stock -480,000
Total stockholders'Equity 3,216,000
a-

10-Jan
1-Mar

1-Apr

1-May

1-Aug

1-Sep

1-Nov
P13-1A DeLong Corporation was organized on January 1, 2017. It is a
10,000 shares of 8%, $100 par value preferred stock, and 500,000 sh
stock with a stated value of $2 per share. The following stock transa
during the first year.
Jan. 10 Issued 80,000 shares of common stock for cash at $4 per sha
Mar. 1 Issued 5,000 shares of preferred stock for cash at $105 per sh
Apr. 1 Issued 24,000 shares of common stock for land. The asking pr
was $90,000. The fair value of the land was $85,000.
May 1 Issued 80,000 shares of common stock for cash at $4.50 per s
Aug. 1 Issued 10,000 shares of common stock to attorneys in payme
$30,000 for services performed in helping the company organize.
Sept. 1 Issued 10,000 shares of common stock for cash at $5 per sha
Nov. 1 Issued 1,000 shares of preferred stock for cash at $109 per sh
Instructions
(a) Journalize the transactions.

(b) Post to the stockholders’ equity accounts. (Use J5 as the posting

(c) Prepare the stockholders’ equity at December 31, 2017, if Retain

Account title
Cash
Common stock
Paid in capital in excess of stated value: common
Cash
Preferred stock
Paid in capital in excess of par value: preferred

land
Common stock
Paid in capital in excess of stated value: common

Cash

Common stock
Paid in capital in excess of stated value: common

Organization (legal) costs

Common stock
Paid in capital in excess of stated value: common

Cash
Common stock
Paid in capital in excess of stated value: common

Cash
Preferred stock
Paid in capital in excess of par value: preferred
Stockholders Equity:
Paid in capital:
Capital stock:

8%, Preferred stock, $ 100 par value, authorized

10,000 share, issued and outstanding 6000 share
Common stock, $ 2 stated value, authorized
500,000 share, issued and outstanding 204,000 share
Total capital stock
Additional paid in Capital:
paid in capital in excess of par: preferred
paid in capital in excess of stated: common
Total additional paid in capital
Total paid in capital
Retained Earnings
Total stockholders'Equity
uary 1, 2017. It is authorized to issue
ck, and 500,000 shares of no-par common
owing stock transactions were completed

cash at $4 per share.

cash at $105 per share.
and. The asking price of the land

cash at $4.50 per share.

ttorneys in payment of their bill of
mpany organize.
cash at $5 per share.
ash at $109 per share.

e J5 as the posting reference.)

31, 2017, if Retained earnings = 150,000

Debit Credit
320,000
160,000
160,000
525,000
500,000
25,000

85,000
48,000
37,000

360,000

160,000
200,000

30,000
20,000
10,000

50,000
20,000
30,000

109,000
100,000
9,000
 600,000

408,000
1,008,000

34,000
437,000
471,000
1,479,000
150,000
1,629,000
 Common Stock
DR CR
160,000 10-Jan
48,000 1-Apr
160,000 1-May
20,000 1-Aug
20,000 1-Sep
408,000BAL

Paid in capital in excess of stated value:

common stock

DR CR
160,000 10-Jan
37,000 1-Apr
200,000 1-May
10,000 1-Aug
30,000 1-Sep
437,000BAL
 Preferred Stock
DR CR
500,000 1-Mar
100,000 1-Nov
600,000 BAL

Paid in capital in excess of Par value:

Preferred stock
DR CR
25,000 1-Mar
9,000 1-Nov
34,000 BAL

Retained Earnings
DR CR
150,000BAL