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Allied Paper Products, Incorporated offers a restricted stock award plan to its vice presidents. On...

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Accounting

Allied Paper Products, Incorporated offers a restricted stock award plan to its vice presidents. On January 1, 2024, the company granted 20 million of its $1 par common shares, subject to forfeiture if employment is terminated within two years. The common shares have a market price of $7 per share on the grant date.

Required:

Determine the total compensation cost pertaining to the restricted shares.

Prepare the appropriate journal entries related to the restricted stock through December 31, 2025.

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