In order to encourage employee ownership of the company's $$1$ par common shares, Washington Distribution

permits any of its employees to buy shares directly from the company through payroll deduction. There are no

brokerage fees and shares can be purchased at a $15\%$ discount. During March, employees purchased $50,000$ shares

at a time when the market price of the shares on the New York Stock Exchange was $$12$ per share.

Required:

Prepare the appropriate journal entry to record the March purchases of shares under the employee share

purchase plan.