Exercise 16-14

Pearl Company issues8,500shares of restricted stock to its CFO, Mary Tokar, on January 1, 2017. The stock has a fair value of $425,000on this date. The service period related to this restricted stock is 5 years. Vesting occurs if Tokar stays with the company until December 31, 2021. The par value of the stock is $10. At December 31, 2017, the fair value of the stock is $407,000.

Exercise 16-18

Coronado Inc. presented the following data.

Exercise 16-24

The Swifty Corporation issued 10-year, $5,980,000par,6% callable convertible subordinated debentures on January 2, 2017. The bonds have a par value of $1,000, with interest payable annually. The current conversion ratio is15:1, and in 2 years it will increase to17:1. At the date of issue, the bonds were sold at96. Bond discount is amortized on a straight-line basis. Swifty's effective tax was35%. Net income in 2017 was $7,700,000, and the company had1,845,000shares outstanding during the entire year.

Exercise 16-14 Pearl Company issues 8,500 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2017. The stock has a fair value of $425,000 on this date. The service period related to this restricted stock is 5 years. Vesting occurs if Tokar stays with the company until December 31, 2021. The par value of the stock is $10. At December 31, 2017, the fair value of the stock is $407,000. (a) Prepare the journal entries to record the restricted stock on January 1, 2017 (the date of grant), and December 31, 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit (b) On July 25, 2021, Tokar leaves the company. Prepare the journal entry to account for this forfeiture. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit 7/25/21 Exercise 16-18 Coronado Inc. presented the following data. Net income $2,340,000 Preferred stock: 53,000 shares outstanding, $100 par, 8% cumulative, not convertible Common stock: Shares outstanding 1/1 5,300,000 692,400 Issued for cash, 5/1 321,600 Acquired treasury stock for cash, 8/1 160,800 2-for-1 stock split, 10/1 Compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.) $ Earnings per share Exercise 16-24 The Swifty Corporation issued 10-year, $5,980,000 par, 6% callable convertible subordinated debentures on January 2, 2017. The bonds have a par value of $1,000, with interest payable annually. The current conversion ratio is 15:1, and in 2 years it will increase to 17:1. At the date of issue, the bonds were sold at 96. Bond discount is amortized on a straight-line basis. Swifty's effective tax was 35%. Net income in 2017 was $7,700,000, and the company had 1,845,000 shares outstanding during the entire year. (a) Compute both basic and diluted earnings per share. (Round answers to 2 decimal places, e.g. $2.55.) $ Basic earnings per share $ Diluted earnings per share