kk.2 In order to encourage employee ownership of the company's $1 par common shares, Washington Distribution permits any of itsemployees to buy shares directly from the company through payroll deduction. There are no brokerage fees and shares can bepurchased at a 11% discount. During March, employees purchased 40,000 shares at a time when the market price of the shares on theNew York Stock Exchange was $18 per share.Required:Prepare the appropriate journal entry to record the March purchases of shares under the employee share purchase plan. (If no entry isrequired for a transaction/event, select "No journal entry required" in the first account field.)View transaction list✓No1Event1View journal entry worksheetCashGeneral JournalCompensation expenseCommon stockPaid-in capital - excess of parDebitCreditX

An employee stock ownership plan (ESOP) is an employee benefit plan that gives workers…

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Business

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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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Question

kk.2

In order to encourage employee ownership of the company's $1 par common shares, Washington Distribution permits any of its
employees to buy shares directly from the company through payroll deduction. There are no brokerage fees and shares can be
purchased at a 11% discount. During March, employees purchased 40,000 shares at a time when the market price of the shares on the
New York Stock Exchange was $18 per share.
Required:
Prepare the appropriate journal entry to record the March purchases of shares under the employee share purchase plan. (If no entry is
required for a transaction/event, select "No journal entry required" in the first account field.)
View transaction list
✓
No
1
Event
1
View journal entry worksheet
Cash
General Journal
Compensation expense
Common stock
Paid-in capital - excess of par
Debit
Credit
X

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