In order to encourage employee ownership of the company's $1 par common shares, Washington Distribution per any of its employees to buy shares directly from the company through payroll deduction. There are no brokerage f shares can be purchased at a 12% discount. During March, employees purchased 45,000 shares at a time when th market price of the shares on the New York Stock Exchange was $20 per share. Prepare the appropriate journal entry to record the March purchases of shares under the employee share purchas (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
In order to encourage employee ownership of the company's $1 par common shares, Washington Distribution per any of its employees to buy shares directly from the company through payroll deduction. There are no brokerage f shares can be purchased at a 12% discount. During March, employees purchased 45,000 shares at a time when th market price of the shares on the New York Stock Exchange was $20 per share. Prepare the appropriate journal entry to record the March purchases of shares under the employee share purchas (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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