Coronado Company issues 11,200 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2025. The stock has a fair value of $560,000 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, 2029. The par value of the stock is $10. At December 31, 2025, the fair value of the stock is $321,000. Prepare the journal entries to record the restricted stock on January 1, 2025 (the date of grant), and December 31, 2026. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) Date Jan. 1,2025 Dec 31, 2026 Account Titles and Explanation Debit Credit
Coronado Company issues 11,200 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2025. The stock has a fair value of $560,000 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, 2029. The par value of the stock is $10. At December 31, 2025, the fair value of the stock is $321,000. Prepare the journal entries to record the restricted stock on January 1, 2025 (the date of grant), and December 31, 2026. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) Date Jan. 1,2025 Dec 31, 2026 Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Cc.72.
Transcribed Image Text:Coronado Company issues 11,200 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2025. The stock has a fair value of
$560,000 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, 2029. The par value of the stock is $10. At December 31, 2025, the fair value of the stock is $321,000.
Prepare the journal entries to record the restricted stock on January 1, 2025 (the date of grant), and December 31, 2026. (List all
debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem
statement.)
Date
Jan. 1,2025
Dec. 31, 2026
Account Titles and Explanation
Show Transcribed Text
Date Account Titles and Explanation
July 25,
2029
On July 25, 2029, Tokar leaves the company. Prepare the journal entry to account for this forfeiture. (List debit entry before credit
entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No
Entry for the account titles and enter O for the amounts. List all debit entries before credit entries.)
v Transcribed Text
Date
d Text
Debit
Debit
Prepare the journal entries on January 1, 2025, and December 31, 2026, assuming that Coronado issued 11,200 shares of
restricted stock units instead of 11,200 shares of restricted stock. (List all debit entries before credit entries. Credit account titles are
automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and
enter O for the amounts. Record entries in the order displayed in the problem statement.)
Account Titles and Explanation
Date Account Titles and Explanation
July 25,
2029
Credit
Debit
Debit
Credit
On July 5, 2029, Tokar leaves the company. Prepare the journal entry to account for this forfeiture of restricted stock units. (List
debit entry before credit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and enter O for the amounts)
Credit
Credit
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