Tamarisk Company issues 8,800 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2025. The stock has a fair value of $440,000 on this date. The service period related to this restricted stock is 5 years. Vesting occurs if Tokar stays with the company until December 31, 2029. The par value of the stock is $10. At December 31, 2025, the fair value of the stock is $419,000. (a) Prepare the journal entries to record the restricted stock on January 1, 2025 (the date of grant), and December 31, 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 entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Credit
Tamarisk Company issues 8,800 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2025. The stock has a fair value of $440,000 on this date. The service period related to this restricted stock is 5 years. Vesting occurs if Tokar stays with the company until December 31, 2029. The par value of the stock is $10. At December 31, 2025, the fair value of the stock is $419,000. (a) Prepare the journal entries to record the restricted stock on January 1, 2025 (the date of grant), and December 31, 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 entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Tamarisk Company issues 8,800 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2025. The stock has a fair value of
$440,000 on this date. The service period related to this restricted stock is 5 years. Vesting occurs if Tokar stays with the company
until December 31, 2029. The par value of the stock is $10. At December 31, 2025, the fair value of the stock is $419,000.
(a)
Prepare the journal entries to record the restricted stock on January 1, 2025 (the date of grant), and December 31, 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 entries in the order displayed in the problem
statement.)
Date
Account Titles and Explanation
Debit
Credit
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