Derrick Company issues 4,000 shares of restricted stock to its CFO, Dane Yaping, on January 1, 2025. The stock has a fair value of $120,000 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, 2026, the fair value of the stock is $145,000. (a) 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 Account Titles and Explanation Debit OOOOO Cred

Derrick Company issues 4,000 shares of restricted stock to its CFO, Dane Yaping, on January 1, 2025. The stock has a fair value of $120,000 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, 2026, the fair value of the stock is $145,000. (a) 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 Account Titles and Explanation Debit OOOOO Cred

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

In 2020, ION Corporation issued 50,000 shares of P10 par value for P100 per share. In 2021, the entity reacquired 2,000 shares at P150 per share and immediately canceled these 2,000 shares. In connection with the retirement of shares, what amount should be debited to Share Premium, and Retained Earnings, respectively?in 2020, ION Corporation issued 50,000 shares of P10 par value for P100 per share. In 2021, the entity reacquired 2,000 shares at P150 per share and immediately canceled these 2,000 shares. In connection with the retirement of shares, what amount should be debited to Share Premium, and Retained Earnings, respectively?
The Josh Cutler Corporation provides restricted stock to certain executives. Under the plan, the company granted 30 million shares on January 1, 2024, which vest in four years. The fair value of the shares is $15.00. No forfeitures are anticipated. Ignore taxes. Required: 1. Determine the total compensation cost pertaining to the restricted stock. 2. & 3. Prepare the appropriate journal entries (if any).
On January 1, 2018 Weins Inc. granted 100,000 stock appreciation rights (SARs) to its executives. (Weins Inc uses IFRS) Each SAR entitled its holder to receive cash equal to the difference between the market price of the common share and the benchmark price of $12. The SARs vested after two years and expired on Dec. 31, 2021. On January 1, 2020, 10,000 SARs are exercised. The market price of the shares remained at $22. On January 1, 2021, 50,000 SARS are exercised. The market price of the shares remained at $15 The remaining SARs expired on December 31, 2021 Pertinent stock-related data are listed below: Date Fair value each SAR Market price of share 1-Jan-18 $11 31-Dec-18 $7 $15 31-Dec-19 $6 $14 31-Dec-20 $8 $22 31-Dec-21 $5 $15 Required: Prepare journal entries for the following: December 31, 2018, to record compensation expense. December 31, 2019, to record compensation expense. December 31, 2020, to record compensation expense.…
.
6
On November 1, 2017, Windsor Company adopted a stock-option plan that granted options to key executives to purchase 19,000 shares of the company’s $10 par value common stock. The options were granted on January 2, 2018, and were exercisable 2 years after the date of grant if the grantee was still an employee of the company. The options expired 6 years from date of grant. The option price was set at $40, and the fair value option-pricing model determines the total compensation expense to be $328,000. All of the options were exercised during the year 2020: 4,750 on January 3 when the market price was $67, and 14,250 on May 1 when the market price was $77 a share. Prepare journal entries relating to the stock option plan for the years 2018, 2019, and 2020. Assume that the employee performs services equally in 2018 and 2019. (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…
Sheffield Company issues 3,700 shares of restricted stock to its CFO, Dane Yaping, on January 1, 2025. 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, 2026, the fair value of the stock is $131,000. (a) 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 Account Titles and Explanation Debit Credit
On November 1, 2017, Marigold Company adopted a stock-option plan that granted options to key executives to purchase 21,000shares of the company’s $10 par value common stock. The options were granted on January 2, 2018, and were exercisable 2 years after the date of grant if the grantee was still an employee of the company. The options expired 6 years from date of grant. The option price was set at $39, and the fair value option-pricing model determines the total compensation expense to be $309,000. All of the options were exercised during the year 2020: 5,250 on January 3 when the market price was $66, and 15,750 on May 1 when the market price was $78 a share. Prepare journal entries relating to the stock option plan for the years 2018, 2019, and 2020. Assume that the employee performs services equally in 2018 and 2019. (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…
On January 2, 2020, Theodora Company purchased 40,000 shares of Byzantine, Inc. stock at P100 per share. Brokerage fees amounted to P120,000. A P5 dividend per share of Byzantine, Inc. shares had been declared on December 15, 2019, to be paid on March 31, 2020 to shareholders of record on January 31, 2020. The shares are designated as FVTOCI. On December 31, 2020 the investment has a fair value of P4,200,000. How much should be recognized in the 2020 other comprehensive income related to these securities?
Give me answer within 45 min please I will give you upvotes its very urgent ....thankyou...
In 2021, wow company issued 1,000,000 no-par value ordinary shares for P1.15 per share. The stated value of the shares is P1. Also, during the year, some potential shareholders of the company subscribed for 800,000 of the same ordinary shares for P1.20 per share and made a 40% down-payment. What is the amount of the company’s legal capital in 2021?
During the year 2021,Lover Company purchased 1,000 shares of Ganny Company ordinary shares at P150 per share, plus transaction costs of P4,000. The shares acquired are for trading purposes. At December 31, 2021, Ganny ordinary shares are selling at P180/share. During the year 2022, David sold 400 shares at P195/share incurring P2,000 transaction costs on the sale. On December 31, 2022, the equity securities have fair value of P200/share.How much unrealized holding gain should Lover report in profit or loss for the year 2022?