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Allyson Cookie Company offers all its employees the opportunity to purchase its 54 par value common stock at a 1% discount (meaning that the employee
Allyson Cookie Company offers all its employees the opportunity to purchase its 54 par value common stock at a 1% discount (meaning that the employee pays 99% of the market price). The employees have 2 weeks to elect to participate in the plan. The current market price of the stock is $50 per share. Employees purchased a total of 11,200 shares after 2 weeks of establishing the purchase plan and setting the discount. What journal entry will Allyson make on the date the employees purchase the shares? What journal entry would Allyson make if it only offered the employee purchase plan to its full-time, salaried employees? (Record debits first, then credits. Exclude explanations from any journal entries.) What journal entry will Allyson make on the date the employees purchase the shares? Date of Employee Purchase Account
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