Blossom Company issued 3,000 shares of common 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 $9.25 per share and was issued for a total of $51,500. (b) The stock had a stated value of $9.25 per share and was issued for a total of $51,500. (c) The stock had no par or stated value and was issued for a total of $51,500. (d) The stock had a par value of $9.25 per share and was issued to attorneys for services during incorporation valued at $51,500. (e) The stock had a par value of $9.25 per share and was issued for land worth $51,500.

Blossom Company

Issue of 3,000 Common Stock Shares on the following assumptions:

(a) The stock had a par value of $9.25 per share and was issued for a total of $51,500:

Debit Cash Account $51,500

Credit Common Stock $27,750

Credit Paid-in In Excess of Par $23,750

To record the issue of 3,000 shares of $9.25 par value.

(b) The stock had a stated value of $9.25 per share and was issued for a total of $51,500:

Debit Cash Account $51,500

Credit Common Stock $27,750

Credit Additional Paid-in Capital $23,750

To record the issue of 3,000 shares of $9.25 stated value.

(c) The stock had no par or stated value and was issued for a total of $51,500:

Debit Cash Account $51,500

Credit Common Stock $51,500

To record the issue of 3,000 shares.

(d) The stock had a par value of $9.25 per share and was issued to attorneys for services during incorporation valued at $51,500:

Debit Incorporation Cost (Attorneys Fees) $51,500

Credit Common Stock $51,500

To record the issue of 3,000 shares for attorneys' services

(e) The stock had a par value of $9.25 per share and was issued for land worth $51,500.

Debit Land $51,500

Credit Common Stock $51,500

To record the issue of 3,000 shares for land.

Explanation:

Shares of Blossom Company can be issued to settle debts or expenses or in exchange for other assets than cash.  They can also be issued at par value, above par value, or below par value, depending on prevailing circumstances.  Some shares have a par value, which is the nominal value of the shares as authorized.  Some are issued at a stated value without par.  Others have no par or stated values.  Their different accounting treatments are indicated above for Blossom Company.

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