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 2019 11.9 13.9 Average price per share $ 144.20 $ 106.83 $78.38 As of June 30, 2020,96 million shares of our common stock were reserved for future issuance through the ESPP. 2020 9.9 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 in whole dollars.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
2019
11.9
13.9
Average price per share
$ 144.20 $ 106.83 $78.38
As of June 30, 2020, 96 million shares of our common stock were reserved for future issuance through the ESPP.
2020
9.9
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
in whole dollars.
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) Year Ended June 30, Shares purchased 2019 11.9 13.9 Average price per share $ 144.20 $ 106.83 $78.38 As of June 30, 2020, 96 million shares of our common stock were reserved for future issuance through the ESPP. 2020 9.9 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 in whole dollars.
View transaction list
Journal entry worksheet
1
Record the entry for employee share purchase.
Note: Enter debits before credits.
Date
June 30, 2020
Record entry
General Journal
Clear entry
Debit
View general journal
Credit
Transcribed Image Text:View transaction list Journal entry worksheet 1 Record the entry for employee share purchase. Note: Enter debits before credits. Date June 30, 2020 Record entry General Journal Clear entry Debit View general journal Credit
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