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Exercise 19-31 Restricted stock units; cash settlement (Appendix B)

As part of its stock-based compensation package, on January 1, 2018, International Electronics granted restricted stock units (RSUs) representing 60 million $1 par common shares. At exercise, holders of the RSUs are entitled to receive cash or stock equal in value to the market price of those shares at exercise. The RSUs cannot be exercised until the end of 2021 (vesting date) and expire at the end of 2023. The $1 par common shares have a market price of $6 per share on the grant date. The fair value at December 31, 2018, 2019, 2020, 2021, and 2022, is $8, $6, $8, $5, and $6, respectively. All recipients are expected to remain employed through the vesting date. After the recipients of the RSUs satisfy the vesting requirement, the company will distribute the shares. Required:

1. to 3. Prepare the appropriate journal entries pertaining to the RSUs on January 1, 2018 and December 31, 2018December 31, 2021. The RSUs remain unexercised on December 31, 2022, prepare the appropriate entry. 4. The RSUs are exercised on June 6, 2023, when the share price is $6.50, and executives choose to receive cash. Prepare the appropriate journal entry(s) on that date.

Req 1 to 3 Req 4 Prepare the appropriate journal entries pertaining to the RSUs on January 1, 2018 and December 31, 2018 - December 31, 2021. The RSUs remain unexercised on December 31, 2022, prepare the appropriate entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Show lessA Date General Journal Debit Credit 1 January 01, 2018 No journal entry required December 31, 201 Compensation expense 220 Paid-in capital-stock options 220 December 31, 201 Compensation expense 330 Paid-in capital-stock options 330 4 December 31, 202 Compensation expense 110 Paid-in capital-stock options 110 December 31, 202 Compensation expense 330 Paid-in capital-stock options 330 December 31, 202 Common stock 330 Paid-in capital-stock options 330 Req 1 to 3Req4 The RSUs are exercised on June 6, 2023, when the share price is $6.50, and executives choose to receive cash. Prepare the appropriate journal entry(s) on that date. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10. No Date General Journal Debit Credit June 06, 2023 Paid-in capital-restricted stock Common stock 2June 06, 2023