Homework Answers
| Date | Accounts title and Explanation | Debit ($) | Credit ($) |
| 1/2/2021 | No Entry | ||
| 12/31/2021 | Compensation Expense | $ 204,750 | |
| Paid-in Capital-Stock Options | $ 204,750 | ||
| [To record compensation expense for 2021 (409500/2)] | |||
| 12/31/2022 | Compensation Expense | $ 204,750 | |
| Paid-in Capital-Stock Options | $ 204,750 | ||
| [To record compensation expense for 2022 (409500/2)] | |||
| 1/3/2023 | Cash (18200*50) | $ 910,000 | |
| Paid-in Capital-Stock Options ($409500*18200/27300) | $ 273,000 | ||
| Common Stock (18200*9) | $ 163,800 | ||
| Paid-in Capital in Excess of Par | $ 1,019,200 | ||
| (To record issuance of 18,200 shares of $9 par value stock upon exercise of options at option price of $50) | |||
| 5/1/2023 | Cash (9100 * $50) | $ 455,000 | |
| Paid-in Capital-Stock Options ($409500*9100/27300) | $ 136,500 | ||
| Common Stock (9100 * $9) | $ 81,900 | ||
| Paid-in Capital in Excess of Par | $ 509,600 | ||
| (To record issuance of 9100 shares of $9 par value stock upon exercise of options at option price of $50) | |||
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