On January 1, 2025 (the date of grant), Lutz Corporation issues 2,000 shares of restricted stock to
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On January 1, 2025 (the date of grant), Lutz Corporation issues 2,000 shares of restricted stock to its executives. The fair value of these shares is $75,000, and their par value is $10,000. The stock is forfeited if the executives do not complete 3 years of employment with the company. Prepare the journal entry (if any) on January 1, 2025, and on December 31, 2025, assuming the service period is 3 years.
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Related Book For 
Intermediate Accounting
ISBN: 9781119790976
18th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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