On January 1, 2023, Sarasota Corporation granted its president a share appreciation rights (SARS) package covering employment over a three-year period. The package was based on SARS increases for 25,170 shares over the fair value on January 1, 2023 of $25 per common share. The SARS package was to be paid in cash at the end of the third year (i.e., December 31, 2025). The fair values of the Sarasota shares were as follows: December 31, 2023 December 31, 2024 December 31, 2025 $27/share $30/share $28/share Prepare the journal entries to record the Share Appreciation Rights (SARs) package, and the payment on December 31, 2025 assuming that Sarasota follows ASPE. (Round answers to O decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)

On January 1, 2023, Sarasota Corporation granted its president a share appreciation rights (SARS) package covering employment over a three-year period. The package was based on SARS increases for 25,170 shares over the fair value on January 1, 2023 of $25 per common share. The SARS package was to be paid in cash at the end of the third year (i.e., December 31, 2025). The fair values of the Sarasota shares were as follows: December 31, 2023 December 31, 2024 December 31, 2025 $27/share $30/share $28/share Prepare the journal entries to record the Share Appreciation Rights (SARs) package, and the payment on December 31, 2025 assuming that Sarasota follows ASPE. (Round answers to O decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)

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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