Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Kingbird Company issues 4,200 shares of restricted stock to its CFO, Dane Yaping, on January 1,2025 . The stock has a fair value of $129,000
Kingbird Company issues 4,200 shares of restricted stock to its CFO, Dane Yaping, on January 1,2025 . The stock has a fair value of $129,000 on 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 31,2026 , the fair value of the stock is $150,000. Prepare the journal entries on January 1, 2025, and December 31, 2026, assuming that Kingbird issued 4,200 shares of restricted stock units instead of 4,200 shares of restricted stock. (List all debit entries before credit entries. 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. Record entries in the order displayed in the problem statement.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started