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Allied Paper Products, Incorporated offers a restricted stock award plan to its vice presidents. On January 1, 2024, the company granted 15 million of its
Allied Paper Products, Incorporated offers a restricted stock award plan to its vice presidents. On January 1, 2024, the company granted 15 million of its $1 par common shares, subject to forfeiture if employment is terminated within two years. The common shares have a market price of $6 per share on the grant date.
Required: Determine the total compensation cost pertaining to the restricted shares.
Prepare the appropriate journal entries related to the restricted stock through December 31, 2025.
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