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11 A BTU Whe IMM ili il be 2 NEX Condo For Call Farming sites 7 K Garamond we Test A Merge Center $ 96 9 Office Update To keep up-to-date with security updates, fores, and improvements, choose Check for Updates xf98400 B D E 16 On December 31, 2014, ABC Corporation issued 1,000 shares of restricted stock to its Chief Financial Officer. ABC stock had fair value (cloning market price of $10 per share on December 31, 20X1. Additional information is as follows 2. The service period related to the restricted stock is 2 years. b. Vesting occurs if the CFO stays with the company for a two-year period. c. The par value of the common stock is $3 per share. Make the appropriate accounting entry as of the grant date, 12/31/X1. Note: use the alternative method as described in your textbook for deferred compensation Do this step after preparing the Income Statement except for de Income taxer line: (You need to rakwate Incowe Bylo locome Tower in onder no calmol total Favome view Extenw) 17 Corporate taxes are due in four estimated quarterly payments on April 15, June 15, September 15, and December 15, However, for the purposes of this ABC illustration, we will assume that estimates are not paid, and that the tax is paid in full on the return's March 15, 20x2 due date ABC's income tax rate is 40%. The entire year's income tax expense was estimated at the beginning of 20x1 to be $60,000, so January through November income tax expense recognized amounts to $63,800 (11/12 months) Since we are assuming estimates are not made during the year, the balance in Income taxes payable represents tax accrued for January through November. Assume no defcrred tax assets or deferred tax liabilities Based on the income before income taxes figure from the income statement record December's income tax expense so that the entire year's total tax expense is correct. 12-31-X1 T-Account Add Trial Balance Adjustments Needed Adjusting Journal Entries Instructions Unadjuster Balance Aa AL P W 13 O MacBook Pro B11 x & fx o 8 C D E Credit Debit 945,202 167,000 190,00 $ 350,000 24,600 177,104 75,000 150,000 4,000 60,000 2 Unadjusted Trial Balance 3 December 31, 20X1 4 5 5 Cash 5 7 Short tements # Fale vahe adjustment (Trading 9 Accounts receivable 10 Allowance for doubtful accounts 11 Inventory 12 Purchase 13 Prepaid insurance 14 LT (Debt) investments (HTM 15 Land 16 Building 17 Accumulated depreciation building 10 LAKE THAI 19 Accumulated depreciation equipment 20 Parent 21 Accounts payable 22 Notes payable 23 Income taxes payable 24 Used rent revenue 25 Boods Table 26 Premium on Bonda Tayable 27. Common stock 21 PIC in Facem of the Connon soek 39 Retained eam 30 Trwy och 31 Divade 32. Selle 13 MEN 34 We 39 loncepe 36 Amp 37 Deprecationen 3 p 39 there 40 cm 41 20,000 37,500 75,260 235 GO 36.000 BOLO 61,771 1.000 11000 9,000 41.000 1.162,009 1,400 7400 21,700 24.000 31000 100 42 41 45 16 Instructions Unadjusted Trial Balice Adjustments Neodod 13
