Whispering Company issues 4,300 shares of restricted stock to its CFO, Dane Yaping, on January 1,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Whispering Company issues 4,300 shares of restricted stock to its CFO, Dane Yaping, on January 1, 2025. The stock has a fair value of $128,000 on this date. The service period related to this restricted stock is 4 years. Vesting occurs if Yaping stays with the company for 4 years. The par value of the stock is $6. At December 31, 2026, the fair value of the stock is $141,000. (a) Your Answer Correct Answer Your answer is correct. 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 Jan. 1, 2025 Unearned Compensation Common Stock Paid-in Capital in Excess of Par - Common Stock Dec. 31, 2026 Compensation Expense Unearned Compensation Debit 128000 32000 Credit 2 10 3 On March 4, 2027, Yaping leaves the company. Prepare the journal entry to account for this forfeiture. (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.) Date Account Titles and Explanation Mar. 4, 2027 Debit Credit Whispering Company issues 4,300 shares of restricted stock to its CFO, Dane Yaping, on January 1, 2025. The stock has a fair value of $128,000 on this date. The service period related to this restricted stock is 4 years. Vesting occurs if Yaping stays with the company for 4 years. The par value of the stock is $6. At December 31, 2026, the fair value of the stock is $141,000. (a) Your Answer Correct Answer Your answer is correct. 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 Jan. 1, 2025 Unearned Compensation Common Stock Paid-in Capital in Excess of Par - Common Stock Dec. 31, 2026 Compensation Expense Unearned Compensation Debit 128000 32000 Credit 2 10 3 On March 4, 2027, Yaping leaves the company. Prepare the journal entry to account for this forfeiture. (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.) Date Account Titles and Explanation Mar. 4, 2027 Debit Credit
Expert Answer:
Related Book For
Intermediate Accounting
ISBN: 9781119790976
18th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
Students also viewed these accounting questions
-
Sandhill Company paid $15,000 to purchase equipment on January 1, 2024. Sandhill Company has a December 31 fiscal year end and uses straight-line depreciation. The company estimates the equipment...
-
On January 1, 20x1, Allan Co. purchased 400,000 bonds for 392,000. The bonds mature on January 1, 20x5 and pay 12% annual interest beginning January 1, 20x2. Transaction costs are negligible. The...
-
It is sometimes said that, at absolute zero, all molecular motion, vibration, and rotation would cease. Do you agree? Explain.
-
Cleavage is an embryonic event that mainly involves mitotic divisions. How does cleavage differ from mitosis occurring during life after birth, and what are its important functions?
-
Redesign and implementation of accounting and reporting systems to incorporate environmental and ecological considerations faces a number of practical considerations. List and rank four of these...
-
Consider a small, isolated town in which a brewery faces the following inverse demand: P = 15 - 0.33Q. The brewery can produce beer at a constant marginal and average total cost of $1 per bottle. a....
-
Owl Company purchased a machine on 1 January 2019 for $720,000. The useful life of the machine was estimated to be 4 years with a residual value of $30,000. It was also estimated that the machine...
-
A block on a frictionless table is connected as shown in FIGURE P15.75 to two springs having spring constants k 1 and k 2 . Find an expression for the blocks oscillation frequency f in terms of the...
-
Project 5: Use element matrices potential energy formulations to solve the beam problem shown in Figure.5. Find nodal displacement values. Make sure to construct the grid information table and...
-
Suppose there are only two types of goods being produced in Peru: Vegetables and Plastic Cups. Suppose the Vegetables are produced with labor and land while the Plastic Cups are produced with labor...
-
Current position: Ambulatory Services Rep II -Bone Marrow Transplant Clinic 1.What have been your top work-related successes during the first half of the fiscal year? 2. What are your key...
-
Well-defined strategy includes key elements referred to as the marketing mix. The marketing mix refers to a set of strategic elements, traditionally comprised of the 4 P's (product, price, place, and...
-
Consider the following information on large-company stocks for a period of years. Arithmetic Mean Large-company stocks Inflation 11.9% 3.3 a. What was the arithmetic average annual return on...
-
Mr. Reinhard woke up one morning inthe hospital and was able to move only the limbs on the right sideof his body. He could feel touch but not pain on the left side.What level was the injury? Would he...
-
An engineering contractor wants to advertize using a banner towed by an aircraft The banner is to be 20 m long and 3 m high Apply flatplate boundary layer theory to estimate the drag force and the...
-
Illini Company, Inc. Balance Sheet as of 12/31/20X0 Assets Current Assets: Cash $1,500,000 Accounts receivable, net 18,000 Inventory 50,000 Total current assets 1,568,000 Equipment 90,000 Goodwill...
-
Bedard Corporation reported net income of $300,000 in 2025 and had 200,000 shares of common stock outstanding throughout the year. Also outstanding all year were 45,000 options to purchase common...
-
December 31, 2024, Shiga Naoya Corporation had the following stock outstanding. During 2025, Shiga Naoya did not issue any additional common stock. The following also occurred during 2025....
-
Presented below is information related to the purchases of common stock by Lilly Company during 2025. Instructions (Assume a zero balance for any Fair Value Adjustment account at the beginning of...
-
Wing sweepback is designed to delay or alleviate shock induced separation of airflow and improves aerodynamic performance.
-
As temperature increases, the speed of sound __________________.
-
A divergent engine intake duct __________________ airflow to the engine compressor inlet.
Study smarter with the SolutionInn App