On January 1, 2020 (the date of grant), Windsor Corporation issues 2,300 shares of restricted stock to its executives. The fair value of these shares is $51,000, and their par value is $11,500. The stock is forfeited if the executives do not complete 3 years of employment with the company. Prepare journal entries for January 1, 2020, and on December 31, 2020, assuming the service period is 3 years. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date 1/1/20 12/31/20 Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On January 1, 2020 (the date of grant), Windsor Corporation issues 2,300 shares of restricted stock to its executives. The fair value of
these shares is $51,000, and their par value is $11,500. The stock is forfeited if the executives do not complete 3 years of employment
with the company.
Prepare journal entries for January 1, 2020, and on December 31, 2020, assuming the service period is 3 years. (Credit account titles are
automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and
enter O for the amounts.)
Date
1/1/20
12/31/20
Account Titles and Explanation
Debit
Credit
Transcribed Image Text:On January 1, 2020 (the date of grant), Windsor Corporation issues 2,300 shares of restricted stock to its executives. The fair value of these shares is $51,000, and their par value is $11,500. The stock is forfeited if the executives do not complete 3 years of employment with the company. Prepare journal entries for January 1, 2020, and on December 31, 2020, assuming the service period is 3 years. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date 1/1/20 12/31/20 Account Titles and Explanation Debit Credit
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