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SSSSS [86.1K]
3 years ago
5

On January 1, 2020 (the date of grant), Concord Corporation issues 2,300 shares of restricted stock to its executives. The fair

value of these shares is $69,000, and their par value is $11,500. The stock is forfeited if the executives do not complete 3 years of employment with the company. Prepare journal entries for January 1, 2020, and on December 31, 2020, assuming
Business
1 answer:
ioda3 years ago
5 0

Answer:

Explanation:

Date. Description/Account. Debit. Credit.

1/1/2020. Unearned Compensation. $69,000

Paid - in Capital in Excess of Par. $69,000

Common stock. $10,000

12/31/2020 Compensation Expense. $23,000

Unearned Compensation. $23,000

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3 years ago
Hurricane Industries had a net income of $129,650 and paid 40 percent of this amount to shareholders in dividends. During the ye
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