Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
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, Shates 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. Empioyees 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: 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 a transaction/event, select "No journal entry required" in the first account field, Enter your answers in whole dollars

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions