Question
Grin Cookie Company offers all its employees the opportunity to purchase its $3 par value common stock at a 4% discount(meaning the employee pays 96%
Grin Cookie Company offers all its employees the opportunity to purchase its $3 par value common stock at a 4% discount(meaning the employee pays 96% of the marketprice). The employees have two weeks to elect to participate in the plan. The current market price of the stock is $60 per share. Employees purchased a total of11, 200 shares after two weeks of establishing the purchase plan and setting the discount. What journal entry will Grin make on the date the employees purchase theshares? What journal entry would Grin make if it only offered the employee purchase plan to itsfull-time, salariedemployees
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