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MacroApps Corporation's disclosure notes for the year ending June 30, 2020, included the following regarding its $0.00000625 par common stock: Employee Stock Purchase Plan-We have
MacroApps Corporation's disclosure notes for the year ending June 30, 2020, included the following regarding its $0.00000625 par common stock: Employee Stock Purchase Plan-We have an ESPP for all eligible employees. Shares of our common stock may be purchased by employees at three-month intervals at 85% of the fair market value on the last trading day of each three-month period. Employees may purchase shares having a value not exceeding 15% of their gross compensation during an offering period. Employees purchased the following shares during the periods presented:
As of June 30,2020,96 million shares of our common stock were reserved for future issuance through the ESPP Required: Prepare the journal entry that summarizes MacroApps's employee share purchases for the year ending June 30,2020. Note: If no entry is required for o tronsaction/event, select "No journal entry required" in the first account field. Enter your answ in whole dollors. \begin{tabular}{|l|l|l|l|l|} \hline \multicolumn{1}{|c|}{ No Dato } & \multicolumn{1}{|c|}{ Gonieral Journal } & Debit & Credit \\ \hline 1 & June 30, 2020 & Cash & \\ \hline & & Compensation expense & & \\ \hline & & Common stock & & \\ \hline & & Paid-in capital - excess of par & & \\ \hline \end{tabular} Step by Step Solution
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