intermediate accounting II

Question 11

The Josh Cutler Corporation provides restricted stock to certain executives. Under the plan, the company granted 30 million shares on January 1, 2024, which vest in four years. The fair value of the shares is $15.00. No forfeitures are anticipated. Ignore taxes.

Requlred: 1. Determine the total compensation cost pertaIning to the restricted stock. 2. \& 3. Prepare the approprlate journal entrles (If any). Complete this question by entering your answers in the tabs below. Determine the total compensation cost pertaining to the restricted stock. Note: Enter your answer in millions (i.e., 10,000,000 should be entered as 10). Complete this question by entering your answers in the tabs below. Prepare the appropriate journal entry (if any). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). 1 Record the award of restricted stock on January 1, 2024. 2 Record compensation expense on December 31, 2024. Note: = journal entry has been entered