Restricted stock awards for 3,000 shares of common stock (par $5) are granted to the CEO of Siri Inc. The restricted shares will be awarded to the CEO after 4 years from the date of grant. The shares vest if the CEO remains with the company for the full 4 years. The market price of the stock at the date of grant, January 2, 2020, is $20 per share and increases to $25 per share on December 31, 2020. Siri records forfeitures as they occur. Required a. Prepare the journal entry on the date of grant, January 2, 2020. b. Prepare the journal entry on December 31, 2020. c. On July 1, 2023, the CEO leaves Siri Inc. Prepare the entry on July 1, 2023, to account for the forfeiture of the restricted shares of stock by the CEO. Assume that the last adjusting entry recorded for the restricted stock was on December 31, 2022. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Date Account Name Dr. Cr. a. Jan. 2, 2020 b. Dec. 31, 2020 c. Jul. 1, 2023

Restricted stock awards for 3,000 shares of common stock (par $5) are granted to the CEO of Siri Inc. The restricted shares will be awarded to the CEO after 4 years from the date of grant. The shares vest if the CEO remains with the company for the full 4 years. The market price of the stock at the date of grant, January 2, 2020, is $20 per share and increases to $25 per share on December 31, 2020. Siri records forfeitures as they occur. Required a. Prepare the journal entry on the date of grant, January 2, 2020. b. Prepare the journal entry on December 31, 2020. c. On July 1, 2023, the CEO leaves Siri Inc. Prepare the entry on July 1, 2023, to account for the forfeiture of the restricted shares of stock by the CEO. Assume that the last adjusting entry recorded for the restricted stock was on December 31, 2022. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Date Account Name Dr. Cr. a. Jan. 2, 2020 b. Dec. 31, 2020 c. Jul. 1, 2023

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

According to our authors, define and provide an example of “common stock.”
Preferred stock is not correct ?
T/F. Since BSOPM was originally developed for a non-dividend paying stock, it is useless for valuing dividend paying stocks. Group of answer choices True False
Under the perpetual system, a difference with the stocktake records might indicate: Select one alternative: damaged stock theft of stock obsolete stock All of the given options are correct
The strong form of the EMH states that all related information including inside information must be reflected in the current stock Select one: True False
true or false.c. Par-value stock is worth more than no-par value stock
*7) Orders for a stock trading system are coded as follows from left to right: 1. The first character is 'B' for a "buy" order, 'S' for a "sel" order 2. The number of shares to buy or sell 3. The stock ticker symbol in all uppercase letters for a "buy" order or all lowercase letters for a "sell" order 4. If the order is a "limit" order with a specific buy/sell price, the requested price in pennies, otherwise the price should be omitted and the order will be a market order at the current asking price for the stock 5. If the order is a "limit" order with an expiration time, the character T followed by the number of minutes until the order expires and should no longer be executed Note that the order code may only contain letters and numbers. It may not include comma, hyphen, etc. What would the code be for a limit order to buy 10000 shares of Alcoa stock (ticker symbol: AA) at $9.00 a share but only if the order can be filled within the next 2 hours? Next or
Which of the following is an "Auction" market: NASDAQ NMS. OTC Bulletin Board. American Stock Exchange. Pink Sheets.
Pls help me sir urgently and explain