Question: Exercise 19-11 (Algo) Employee share purchase plan; MacroApps [LO19-3] MacroApps Corporations disclosure notes for the year ending June 30, 2020, included the following regarding its
Exercise 19-11 (Algo) Employee share purchase plan; MacroApps [LO19-3]
MacroApps Corporations disclosure notes for the year ending June 30, 2020, included the following regarding its $0.00000625 par common stock:
Employee Stock Purchase PlanWe have an ESPP for all eligible employees. Shares of our common stock may be purchased by employees at three-month intervals at 80% of the fair market value on the last trading day of each three-month period. Employees may purchase shares having a value not exceeding 20% of their gross compensation during an offering period. Employees purchased the following shares during the periods presented:
| (Shares in millions) | |||
|---|---|---|---|
| Year Ended June 30, | 2020 | 2019 | 2018 |
| Shares purchased | 9.1 | 11.1 | 13.1 |
| Average price per share | $ 142.44 | $ 105.07 | $ 76.62 |
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 MacroAppss 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.
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