On January 1, 2021, Summer Fashions Corp. awarded restricted stockunits (RSUS) representing 5 million of its $1 par common shares to keypersonnel, subject to forfeiture if employment is terminated within threeyears. After the recipients of the RSUS satisfy the vesting requirement,the company will distribute the shares. On the grant date, the shares hada market price of $9.00 per share. The journal entry to record the liftingof restrictions on the RSUS and issuing shares at December 31, 2023,would include a:O Credit to Paid-in capital - restricted stock $45 millionO None of the options listed.O Credit to Paid-in capital - restricted stock $15 millionO Debit to Paid-in capital - restricted stock $45 millionO Debit to Paid-in capital - restricted stock $15 million• Previous

These are the accounting transactions that are having a monetary impact on the financial statement…

Answered: On January 1. 2

Business

Accounting

On January 1. 2

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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