Exercise 19-11 (Algo) Employee share purchase plan; MacroApps [LO19-3] MacroApps Corporation's disclosure notes for the year...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Exercise 19-11 (Algo) Employee share purchase plan; MacroApps [LO19-3] MacroApps Corporation's disclosure notes for the year ending June 30, 2020, included the following regarding its $0.00000625 par common stock: Employee Stock Purchase Plan-We have an ESPP for all eligible employees. Shares of our common stock may be purchased by employees at three-month intervals at 85% of the fair market value on the last trading day of each three-month period. Employees may purchase shares having a value not exceeding 15% of their gross compensation during an offering period. Employees purchased the following shares during the periods presented: (Shares in millions) Year Ended June 30, Shares purchased Average price per share 2020 10.9 2019 12.9 2018 14.9 $ 146.40 $ 109.03 $ 80.58 As of June 30, 2020, 96 million shares of our common stock were reserved for future issuance through the ESPP. Required: Prepare the journal entry that summarizes MacroApps's employee share purchases for the year ending June 30, 2020. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars. No Date 1 June 30, 2020 Cash General Journal Compensation expense Common stock Paid-in capital - excess of par Debit Credit 1,595,760,000 281,604,706 0 1,877,364,706 Exercise 19-11 (Algo) Employee share purchase plan; MacroApps [LO19-3] MacroApps Corporation's disclosure notes for the year ending June 30, 2020, included the following regarding its $0.00000625 par common stock: Employee Stock Purchase Plan-We have an ESPP for all eligible employees. Shares of our common stock may be purchased by employees at three-month intervals at 85% of the fair market value on the last trading day of each three-month period. Employees may purchase shares having a value not exceeding 15% of their gross compensation during an offering period. Employees purchased the following shares during the periods presented: (Shares in millions) Year Ended June 30, Shares purchased Average price per share 2020 10.9 2019 12.9 2018 14.9 $ 146.40 $ 109.03 $ 80.58 As of June 30, 2020, 96 million shares of our common stock were reserved for future issuance through the ESPP. Required: Prepare the journal entry that summarizes MacroApps's employee share purchases for the year ending June 30, 2020. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars. No Date 1 June 30, 2020 Cash General Journal Compensation expense Common stock Paid-in capital - excess of par Debit Credit 1,595,760,000 281,604,706 0 1,877,364,706
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
If the demand function and supply function for Z-brand phones are p + 2q = 100 and 35p + 20q = 350, respectively, compare the quantity demanded and the quantity supplied when p = 14. Are there...
-
Best Bakery is considering the purchase of a new delivery truck to replace an existing unit. The truck would cost $45,000 and would have a life of 7 years with no salvage value . The existing truck...
-
Much of accounting is directed at servicing the information needs of those users that are external to an organization. (a) Identify at least three external users of accounting information and...
-
Equilibrium data for extraction of methylcyclohexane (A) from nheptane (D) into aniline (S) are given in Table 13-8. Compare batch extractions of \(20 \mathrm{~kg}\) of \(40 \mathrm{wt} \%\)...
-
Everything about the deal was acceptable to PEMEX and Hyundai in September, 2010. The final negotiated price for 7500 new Hyundai Aguila automobiles was 58 Billion KRW (Korean Won). Payment was...
-
II. Roger's Manufacturing Company is selling its classic Rolls-Royce Phantom in mint condition for $200,000 at a public auction. The car was originally bought for $60,000 and it has been always kept...
-
Month 1 4 5 16 Requirement 100 150 200 150 100 150 250 Holding cost = $0.75/unit/month; setup cost = $150; lead time = 2 months; no beginning inventory Based on the data given in the table above, use...
-
what is the difference between air express, air freight and air mail service?
-
Dee is an American speculator, who currently has capital (her total wealth) to the amount of USD$200,000. Suppose in February 2020, the spot rate for pound sterling (GBP) is EFeb=GBP/USD=1.23841 ( )....
-
List three methods use to interpret the information required to carry out a remove, inspect, repair and refit tyres and tubes and balance wheels and tyres on a light vehicle
-
What is the Brand association for Jam & Daisies? product attributes, intangibles, Customer benefits, Relative price, use/ application, User/customer, Celebrity/ person, Lifestyle personality, Product...
-
Meiji Isetan Corp. of Japan has two regional divisions with headquarters in Osaka and Yokohama. Selected data on the two divisions follow Sales Division Osaka Yokohama 22,000,000 $9,200,000 $2 Net...
-
1. Which statements best describe the difference between an APR and an APY? (1 point) APR represents the amount of interest including the effects of compounding. APY represents the amount of interest...
-
Nike manufactures shoes and sportswear. How has the Internet changed the way this company communicates with its suppliers and retail customers?
-
A process costing system would most likely be used for all of the following except a. a manufacturer of plywood sheets. c. a tailor. b. a mens barbershop. d. a hay farmer.
-
A company with four production departments that had been using a plant-wide overhead rate based on direct labor hours changes to a departmental overhead rate. Product A's total allocated overhead...
-
Henry Manufacturing, which uses direct labor hours to apply overhead to its product line, undertook an extensive renovation and modernization program two years ago. Manufacturing processes were...
Study smarter with the SolutionInn App