Question: ASAP PLEASE I WILL GIVE THUMBS UP! PROBLEM: Chango Inc. offers a restricted stock award plan to its vice presidents. On January 1, 2020, the

ASAP PLEASE I WILL GIVE THUMBS UP!

PROBLEM:

Chango Inc. offers a restricted stock award plan to its vice presidents. On January 1, 2020, the corporation granted 12 million of its $1 par common shares, subject to forfeiture if employment is terminated within 2 years. The common shares have a market value of $6 per share on the date the award is granted.

Required:

-Assume that no shares are forfeited.

Determine the total compensation cost pertaining to the restricted shares.

- Prepare the appropriate journal entries (General Journal Form) related to the restricted stock through December 31, 2021.

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