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Mann Inc. offers a restricted stock award plan to its vice presidents. On January 1, 2021, the corporation granted 10 million of its $5 par common shares, subject to forfeiture if employment is terminated within two years. The common shares have a market value of $10 per share on the date the award is granted. Required: 1. Assume that no shares are forfeited. Determine the total compensation cost pertaining to the restricted shares. 2. Prepare the appropriate journal entries related to the restricted stock through December 31, 2022. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that no shares are forfeited. Determine the total compensation cost pertaining to the restricted shares. (Enter your answer in millions (i.e., 10,000,000 should be entered as 10).) Total compensation cost S 100 million Required S Required 2 >

Mann Inc. offers a restricted stock award plan to its vice presidents. On January 1, 2021, the corporation granted 10 million of its $5 par common shares, subject to forfeiture if employment is terminated within two years. The common shares have a market value of $10 per share on the date the award is granted. Required: 1. Assume that no shares are forfeited. Determine the total compensation cost pertaining to the restricted shares. 2. Prepare the appropriate journal entries related to the restricted stock through December 31, 2022. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that no shares are forfeited. Determine the total compensation cost pertaining to the restricted shares. (Enter your answer in millions (i.e., 10,000,000 should be entered as 10).) Total compensation cost S 100 million Required S Required 2 >

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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Mann Inc. offers a restricted stock award plan to its vice presidents. On January 1, 2021, the corporation granted 10 million of its $5 par common shares, subject to forfeiture if employment is terminated within two years. The common shares have a market value of $10 per share on the date the award is granted. Required: 1. Assume that no shares are forfeited. Determine the total compensation cost pertaining to the restricted shares. 2. Prepare the appropriate journal entries related to the restricted stock through December 31, 2022. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that no shares are forfeited. Determine the total compensation cost pertaining to the restricted shares. (Enter your answer in millions (i.e., 10,000,000 should be entered as 10).) Total compensation cost S 100 million -Required 1-1- Required 2 >
Transcribed Image Text:Mann Inc. offers a restricted stock award plan to its vice presidents. On January 1, 2021, the corporation granted 10 million of its $5 par common shares, subject to forfeiture if employment is terminated within two years. The common shares have a market value of $10 per share on the date the award is granted. Required: 1. Assume that no shares are forfeited. Determine the total compensation cost pertaining to the restricted shares. 2. Prepare the appropriate journal entries related to the restricted stock through December 31, 2022. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that no shares are forfeited. Determine the total compensation cost pertaining to the restricted shares. (Enter your answer in millions (i.e., 10,000,000 should be entered as 10).) Total compensation cost S 100 million -Required 1-1- Required 2 >
Mann Inc. offers a restricted stock award plan to its vice presidents. On January 1, 2021, the corporation granted 10 million of its $5 par common shares, subject to forfeiture if employment is terminated within two years. The common shares have a market value of $10 per share on the date the award is granted. Required: 1. Assume that no shares are forfeited. Determine the total compensation cost pertaining to the restricted shares. 2. Prepare the appropriate journal entries related to the restricted stock through December 31, 2022 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate journal entries related to the restricted stock through December 31, 2022. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10)) No 1 2 3 Date General Journal December 31, 202 Compensation expense Paid-in capital-restricted stock December 31, 202, Compensation expense Paid-in capital - restricted stock. December 31, 202 Paid-in capital - restricted stock Common stock Paid-in capital excess of par < Required 1 ›› ›› COO Debit 50,000,000 50,000,000 X 100,000,00x 4 Credit 50,000,000 X 50,000,000 50,000,000 50,000,000
Transcribed Image Text:Mann Inc. offers a restricted stock award plan to its vice presidents. On January 1, 2021, the corporation granted 10 million of its $5 par common shares, subject to forfeiture if employment is terminated within two years. The common shares have a market value of $10 per share on the date the award is granted. Required: 1. Assume that no shares are forfeited. Determine the total compensation cost pertaining to the restricted shares. 2. Prepare the appropriate journal entries related to the restricted stock through December 31, 2022 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate journal entries related to the restricted stock through December 31, 2022. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10)) No 1 2 3 Date General Journal December 31, 202 Compensation expense Paid-in capital-restricted stock December 31, 202, Compensation expense Paid-in capital - restricted stock. December 31, 202 Paid-in capital - restricted stock Common stock Paid-in capital excess of par < Required 1 ›› ›› COO Debit 50,000,000 50,000,000 X 100,000,00x 4 Credit 50,000,000 X 50,000,000 50,000,000 50,000,000
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