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natulia [17]
3 years ago
6

In order to encourage employee ownership of the company’s $1 par common shares, Washington Distribution permits any of its emplo

yees to buy shares directly from the company through payroll deduction. There are no brokerage fees and shares can be purchased at a 15% discount. During March, employees purchased 50,000 shares at a time when the market price of the shares on the New York Stock Exchange was $12 per share. Required: Prepare the appropriate journal entry to record the March purchases of shares under the employee share purchase plan.
Business
1 answer:
svetoff [14.1K]3 years ago
7 0

Answer:

The appropriate journal entry to record the March purchases of shares under the employee share purchase plan are as follows:

Debit: Cash ($12 × 85%) × $50,000 = $510,000

Debit: Compensation Expense ($12 × 8%) × $50,000 = $90,000

Credit: Common Stock = $50,000

Paid in Capital – Excess of Par ($50,000 × $11) = $550,000

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90                40                  3600                      5400

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