Blue Company issues4,300shares of restricted stock to its CFO, Dane Yaping, on January 1, 2020. The stock has a fair value of $123,000on this date. The service period related to this restricted stock is 4 years. Vesting occurs if Yaping stays with the company for 4 years. The par value of the stock is $5. At December 31, 2021, the fair value of the stock is $135,000.

(a) Show the journal entries to record the restricted stock on January 1, 2020 (the date of grant), and December 31, 2021.

Date Account Titles and Explanation Debit Credit

(a)

(b)

(c)

Date

(a)

(b)

(b) On March 4, 2022, Yaping leaves the company.Show the journal entry to account for this forfeiture. (4 entries)

Date Account Titles and Explanation Debit Credit

(a)

(b)

(c)

(d)

On January 1, 2020, Pearl Industries had stock outstanding as follows.

6% Cumulative preferred stock, $100par value,issued and outstanding9,500shares $950,000

Common stock, $10par value, issued and outstanding202,000shares 2,020,000

To acquire the net assets of three smaller companies, Pearl authorized the issuance of an additional166,800common shares. The acquisitions took place as shown below.

Date of Acquisition Shares Issued

Company A April 1, 2020 52,800

Company B July 1, 2020 82,800

Company C October 1, 2020 31,200

On May 14, 2020, Pearl realized a $94,800(before taxes) insurance gain on discontinued operations. On December 31, 2020, Pearl recorded income of $306,000from continuing operations (after tax).

Assuming a20% tax rate, compute the earnings per share data that should appear on the financial statements of Pearl Industries as of December 31, 2020.

Show Pearl Industries Income Statement: (3 entries)

Account Titles Totals

(a)

(b)

(c)