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MacroApps Corporation's disclosure notes for the year ending June 30, 2020, included the following regarding its $000000625 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 2013 12.9 Average price per share $146.40 $ 109.03 $0.50 As of June 30, 2020, 96 milion shares of our common stock were reserved for future issuance through the ESPP 2920 30.9 2014 14.9

MacroApps Corporation's disclosure notes for the year ending June 30, 2020, included the following regarding its $000000625 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 2013 12.9 Average price per share $146.40 $ 109.03 $0.50 As of June 30, 2020, 96 milion shares of our common stock were reserved for future issuance through the ESPP 2920 30.9 2014 14.9

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) Year Ended June 30, shares purchased 2920 2019 10.9 12.9 14.9 Average price per share $ 146.40 $ 109.03 $0.50 As of June 30, 2020, 96 milion shares of our common stock were reserved for future issuance through the ESPP Required: Prepare the journal entry that summarizes MacroApos'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 fleid. Enter your answers In whole dollars. Journal entry worksheet < Record the entry for employee share purchase. Date June 30 2020 dry General Journal Cash Compensation expense Common stock Paid in capital excess of par 2018 Chay IM Debil 145 400 000 17.223 529 View al Credit 65
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 2920 2019 10.9 12.9 14.9 Average price per share $ 146.40 $ 109.03 $0.50 As of June 30, 2020, 96 milion shares of our common stock were reserved for future issuance through the ESPP Required: Prepare the journal entry that summarizes MacroApos'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 fleid. Enter your answers In whole dollars. Journal entry worksheet < Record the entry for employee share purchase. Date June 30 2020 dry General Journal Cash Compensation expense Common stock Paid in capital excess of par 2018 Chay IM Debil 145 400 000 17.223 529 View al Credit 65
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