On July 1, 2024, Flounder Company adopted a stock option plan that granted options to key executives to purchase 112,000 shares ofthe company's $1 par value common stock. The options were granted on January 1, 2025, and were exercisable 3 years after the dateof grant if the grantee was still an employee of the company. The options expired 4 years from date of grant. The option price was set at$69, and the fair value option pricing model determines the total compensation expense to be $660,000.All of the options were exercised February 1, 2028, when the market price was $77 a share.Prepare journal entries relating to the stock option plan for the years 2024 through 2028. Assume that the employee performsservices equally in 2025, 2026 and 2027. (Credit account titles are automatically indented when amount is entered. Do not incent manually.If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries. Recordjournal entries in the order presented in the problem.)DateAccount Titles and ExplanationDebitHCredit

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Prepare journal entries relating to the stock option plan for the years 2024 through 2028. Assume that the employee performs services equally in 2025, 2026 and 2027. (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. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit

Prepare journal entries relating to the stock option plan for the years 2024 through 2028. Assume that the employee performs services equally in 2025, 2026 and 2027. (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. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit

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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can you please explain what adjusting journal entries mean in these questions and what does how they get dr and cr answers and what they mean?
Start at Jul 30th and go all the way through please.
11. Subject :- Accounting
it was wrong i need help
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Subject: account
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Subject: accounting
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