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On January 1, 2025, Coronado Corporation granted 4,500 options to executives. Each option entitles the holder to purchase one share of Coronado's $5 par value common stock at $50 per share at any time during the next 5 years. The market price of the stock is $70 per share on the date of grant. The fair value of the options at the grant date is $150,000. The period of benefit is 2 years. Prepare Coronado's journal entries for January 1, 2025, and December 31, 2025 and 2026. (List all debit entries before credit entries. 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. Record journal entries in the order presented in the problem.) Date + # # Account Titles and Explanation Debit 102 Credit

On January 1, 2025, Coronado Corporation granted 4,500 options to executives. Each option entitles the holder to purchase one share of Coronado's $5 par value common stock at $50 per share at any time during the next 5 years. The market price of the stock is $70 per share on the date of grant. The fair value of the options at the grant date is $150,000. The period of benefit is 2 years. Prepare Coronado's journal entries for January 1, 2025, and December 31, 2025 and 2026. (List all debit entries before credit entries. 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. Record journal entries in the order presented in the problem.) Date + # # Account Titles and Explanation Debit 102 Credit

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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On January 1, 2025, Coronado Corporation granted 4,500 options to executives. Each option entitles the holder to purchase one share of Coronado's $5 par value common stock at $50 per share at any time during the next 5 years. The market price of the stock is $70 per share on the date of grant. The fair value of the options at the grant date is $150,000. The period of benefit is 2 years. Prepare Coronado's journal entries for January 1, 2025, and December 31, 2025 and 2026. (List all debit entries before credit entries. 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 0 for the amounts. Record journal entries in the order presented in the problem.) Date # + Account Titles and Explanation Debit Credit TUE
Transcribed Image Text:On January 1, 2025, Coronado Corporation granted 4,500 options to executives. Each option entitles the holder to purchase one share of Coronado's $5 par value common stock at $50 per share at any time during the next 5 years. The market price of the stock is $70 per share on the date of grant. The fair value of the options at the grant date is $150,000. The period of benefit is 2 years. Prepare Coronado's journal entries for January 1, 2025, and December 31, 2025 and 2026. (List all debit entries before credit entries. 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 0 for the amounts. Record journal entries in the order presented in the problem.) Date # + Account Titles and Explanation Debit Credit TUE
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