Flounder Company issues 3,600 shares of restricted stock to its CFO, Dane Yaping, on January 1, 2020. The stock has a fair value of $108,000 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 $148,000. (a) Prepare the journal entries to record the restricted stock on January 1, 2020 (the date of grant), and December 31, 2021. (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.) Date Account Titles and Explanation Debit Credit
Flounder Company issues 3,600 shares of restricted stock to its CFO, Dane Yaping, on January 1, 2020. The stock has a fair value of $108,000 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 $148,000. (a) Prepare the journal entries to record the restricted stock on January 1, 2020 (the date of grant), and December 31, 2021. (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.) Date Account Titles and Explanation Debit Credit
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter15: Contributed Capital
Section: Chapter Questions
Problem 8RE: On January 2, 2019, Brust Corporation grants its new CFO 2,000 restricted share units. Each of the...
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![(b) On March 4, 2022, Yaping leaves the company. Prepare the journal entry to account for this forfeiture. (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.)
Date
Account Titles and Explanation
Debit
Credit
Mar. 4, 2022
3
6
9
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Transcribed Image Text:(b) On March 4, 2022, Yaping leaves the company. Prepare the journal entry to account for this forfeiture. (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.)
Date
Account Titles and Explanation
Debit
Credit
Mar. 4, 2022
3
6
9
Home
PgUp
Nav
ENG
y
Enter
End
PgDn
Mv Up
INTL
e
Pr
F6
F7
F8
F9
F10
F11
F12
FI
F2
F3
F4
F5
%23
7
W
T.
Y
44
![Flounder Company issues 3,600 shares of restricted stock to its CFO, Dane Yaping, on January 1, 2020. The stock has a fair value of
$108.000 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 $148,000.
(a) Prepare the journal entries to record the restricted stock on January 1, 2020 (the date of grant), and December 31, 2021. (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.)
Date
Account Titles and Explanation
Debit
Credit
yboard
Home
PgUp
Nav
ENG
7.
Enter
End
PgDn
Mv Up
INTL
e
y
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F8
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F4
F5
F6
F7
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&
*
团](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F81ee3775-40e9-4f25-b683-ca8b48e3cd62%2Fd27e089e-74d2-48b3-9cd1-41bacbb4d91a%2Fwukib7g_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Flounder Company issues 3,600 shares of restricted stock to its CFO, Dane Yaping, on January 1, 2020. The stock has a fair value of
$108.000 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 $148,000.
(a) Prepare the journal entries to record the restricted stock on January 1, 2020 (the date of grant), and December 31, 2021. (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.)
Date
Account Titles and Explanation
Debit
Credit
yboard
Home
PgUp
Nav
ENG
7.
Enter
End
PgDn
Mv Up
INTL
e
y
PriSc
F8
F9
F10
F11
F12
FI
F2
F3
F4
F5
F6
F7
%23
&
*
团
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