Ans:
Date |
Account Title and explanation |
Debit $ |
Credit $ |
01/01/18 |
Unearned Compensation |
$450,000 |
|
Common Stock (9,000*$10) |
$90,000 |
||
Paid-in Capital in Excess of Par |
$360,000 |
||
(To record the issuance of restricted stock) |
|||
12/31/18 |
Compensation Expense |
$90,000 |
|
Unearned Compensation |
$90,000 |
||
(To record compensation expense for the year related to restricted stock) (450,000/5) |
|||
12/31/19 |
Compensation Expense |
$90,000 |
|
Unearned Compensation |
$90,000 |
||
(To record compensation expense for the year related to restricted stock) |
|||
07/25/21 |
Common Stock |
$90,000 |
|
Paid-in Capital in Excess of Par - Common Stock |
$360,000 |
||
Compensation Expense |
$360,000 |
||
Unearned Compensation |
$90,000 |
||
(To record forfeiture of restricted stock) |
Exercise 16-14 Marigold Company issues 9,000 shares of restricted stock to its CFO, Mary Tokar, on...
Exercise 16-14 Flounder Company issues 11,100 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2017. The stock has a fair value of $555,000 on this date. The service period related to this restricted stock is 5 years. Vesting occurs if Tokar stays with the company until December 31, 2021. The par value of the stock is $10. At December 31, 2017, the fair value of the stock is $355,000. (a) Prepare the journal entries to record...
Exercise 16-14 Flounder Company issues 11,300 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2017. The stock has a fair value of $565,000 on this date. The service period related to this restricted stock is 5 years. Vesting occurs if Tokar stays with the company until December 31, 2021. The par value of the stock is $10. At December 31, 2017, the fair value of the stock is $584,000. (a) Prepare the journal entries to record...
Sunland Company issues 11,000 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2017. The stock has a fair value of $550,000 on this date. The service period related to this restricted stock is 5 years. Vesting occurs if Tokar stays with the company until December 31, 2021. The par value of the stock is $10. At December 31, 2017, the fair value of the stock is $500,000. (a) Prepare the journal entries to record the restricted...
Sarasota Company issues 10,800 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2020. The stock has a fair value of $540,000 on this date. The service period related to this restricted stock is 5 years. Vesting occurs if Tokar stays with the company until December 31, 2024. The par value of the stock is $10. At December 31, 2020, the fair value of the stock is $453,000. (a) Prepare the journal entries to record the restricted...
Exercise 16-14 Flounder Company issues 11,300 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2017. The stock has a fair value of $565,000 on this date. The service period related to this restricted stock is 5 years. Vesting occurs if Tokar stays with the company until December 31, 2021. The par value of the stock is $10. At December 31, 2017, the fair value of the stock is $584,000. (a) Prepare the journal entries to record...
Sunland Company issues 11,300 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2020. The stock has a fair value of $565.000 on this date. The service period related to this restricted stock is 5 years. Vesting occurs if Tokar stays with the company until December 31, 2024. The par value of the stock is $10. At December 31, 2020, the fair value of the stock is $521.000 (a) Prepare the journal entries to record the restricted...
Exercise 16-13 Marigold Company issues 4,200 shares of restricted stock to its CFO, Dane Yaping, on January 1, 2020. The stock has a fair value of $129,000 on this date. The service period related to this restricted stock is 4 years. Vesting occurs if Yaping stays with the company for 4 years. The par value of the stock is $5. At December 31, 2021, the fair value of the stock is $146,000. (a) Prepare the journal entries to record the...
Teal Company issues 4,300 shares of restricted stock to its CFO, Dane Yaping, on January 1, 2017. The stock has a fair value of $123,000 on this date. The service period related to this restricted stock is 4 years. Vesting occurs if Yaping stays with the company for 4 years. The par value of the stock is $5. At December 31, 2018, the fair value of the stock is $135,000. (a) Prepare the journal entries to record the restricted stock...
Sarasota Company issues 3,700 shares of restricted stock to its CFO, Dane Yaping, on January 1, 2020. The stock has a fair value of $129,000 on this date. The service period related to this restricted stock is 4 years. Vesting occurs if Yaping stays with the company for 4 years. The par value of the stock is $5. At December 31, 2021, the fair value of the stock is $131,000. (a) Prepare the journal entries to record the restricted stock...
Exercise 16-13 Your answer is partially correct. Try again. Marigold Company issues 4,200 shares of restricted stock to its CFO, Dane Yaping, on January 1, 2020. The stock has a fair value of $129,000 on this date. The service period related to this restricted stock is 4 years. Vesting occurs if Yaping stays with the company for 4 years. The par value of the stock is $5. At December 31, 2021, the fair value of the stock is $146,000. (a)...