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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Vishu
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0255a0c6-2c67-4045-b99f-f9990a4a21e2%2F9eef27f8-3e45-4797-b2c0-313e26d26d22%2Ffu3o5ni_processed.jpeg&w=3840&q=75)
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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