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MacroApps Corporation's disclosure notes for the year ending June 30, 2020, included the following regarding its $0.00000625 par common stock: Employee Stock Purchase Plan-We have an ESPP for all eligible employees. Shares of our common stock may be purchased by employees at three-month intervals at 85% of the fair market value on the last trading day of each three-month period. Employees may purchase shares having a value not exceeding 15% of their gross compensation during an offering period. Employees purchased the following shares during the periods presented: (Shares in millions) Year Ended June 30, Shares purchased 2020 2019 9.5 11.5 13.5 Average price per share. $143.32 $ 105.95 $77.50 As of June 30, 2020,96 million shares of our common stock were reserved for future issuance through the ESPP, 2018 Required: Prepare the journal entry that summarizes MacroApps's employee share purchases for the year ending June 30, 2020, Note: If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers

MacroApps Corporation's disclosure notes for the year ending June 30, 2020, included the following regarding its $0.00000625 par common stock: Employee Stock Purchase Plan-We have an ESPP for all eligible employees. Shares of our common stock may be purchased by employees at three-month intervals at 85% of the fair market value on the last trading day of each three-month period. Employees may purchase shares having a value not exceeding 15% of their gross compensation during an offering period. Employees purchased the following shares during the periods presented: (Shares in millions) Year Ended June 30, Shares purchased 2020 2019 9.5 11.5 13.5 Average price per share. $143.32 $ 105.95 $77.50 As of June 30, 2020,96 million shares of our common stock were reserved for future issuance through the ESPP, 2018 Required: Prepare the journal entry that summarizes MacroApps's employee share purchases for the year ending June 30, 2020, Note: If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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MacroApps Corporation's disclosure notes for the year ending June 30, 2020, included the following regarding its $0.00000625 par common stock: Employee Stock Purchase Plan-We have an ESPP for all eligible employees. Shares of our common stock may be purchased by employees at three-month intervals at 85% of the fair market value on the last trading day of each three-month period. Employees may purchase shares having a value not exceeding 15% of their gross compensation during an offering period. Employees purchased the following shares during the periods presented: (Shares in millions) 2020 2019 Year Ended June 30, Shares purchased 9.5 11.5 13.5 Average price per share. $143.32 $105.95 $77.50 As of June 30, 2020, 96 million shares of our common stock were reserved for future issuance through the ESPP, Required: Prepare the journal entry that summarizes MacroApps's employee share purchases for the year ending June 30, 2020. Note: If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in whole dollars. View transaction list Journal entry worksheet 2018 Record the entry for employee share purchase.
Transcribed Image Text:MacroApps Corporation's disclosure notes for the year ending June 30, 2020, included the following regarding its $0.00000625 par common stock: Employee Stock Purchase Plan-We have an ESPP for all eligible employees. Shares of our common stock may be purchased by employees at three-month intervals at 85% of the fair market value on the last trading day of each three-month period. Employees may purchase shares having a value not exceeding 15% of their gross compensation during an offering period. Employees purchased the following shares during the periods presented: (Shares in millions) 2020 2019 Year Ended June 30, Shares purchased 9.5 11.5 13.5 Average price per share. $143.32 $105.95 $77.50 As of June 30, 2020, 96 million shares of our common stock were reserved for future issuance through the ESPP, Required: Prepare the journal entry that summarizes MacroApps's employee share purchases for the year ending June 30, 2020. Note: If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in whole dollars. View transaction list Journal entry worksheet 2018 Record the entry for employee share purchase.
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