Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. ecomotors's disclosure notes for the year ending d

EcoMotors's disclosure notes for the year ending December 31, 2017, included the following regarding its...

50.1K

Verified Solution

Question

Accounting

image

EcoMotors's disclosure notes for the year ending December 31, 2017, included the following regarding its $0.001 par common stock: Employee Stock Purchase Plan Our employees are eligible to purchase our common stock through payroll deductions of up to 10% of their eligible compensation subject to any plan limitations. The purchase price would be 90% of the lower of the fair market value on the first and last trading days of each six-month offering period. During the years ended December 31, 2017, 2016, and 2015, we issued 220,971, 164,000 and 220,971 shares under the ESPP for $37.9 million, $29.0 million and $14.2 million, respectively. There were 3,619,749 shares available for issuance under the ESPP as of December 31, 2017 Required: Prepare the journal entry that summarizes EcoMotors's employee share purchases for the year ending December 31, 2017. (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.) Answer is complete but not entirely correct Credit No Date General Journal Debit December 31, 201 Cash 1 37,900,000 Compensation expense 4,211,111 Common stock 0X Paid-in capital excess of par 42,111,111

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Medical Sciences
1.2K views

Which of the following is NOT part of the filtration membrane?a- endothelial cells of the glomerulusb-...

Medical Sciences
1.2K views

Discuss the similarities and differences in the behavioural and/or cognitive deficits that you might expect to...

Advance Math
1.2K views

Euclidean metric) The metric d (( x 1 ,x 2 ) , ( y 1 ,y 2 )) = ? ( x 1 ? x 2 ) 2 + ( y 1 ? y 2 ) 2 on R 2 generates the standard (product) topology on R 2 .

Biology
1.2K views

If the producers have 2 000J of energy how much energy will be transferred to...

Algebra
1.2K views

f Aspect Ratio 16 9 Exceeded 00 If both the 4 3 and the 16...

Algebra
1.2K views

281 1301 586 2711 PCP where P is invertible and C is of the form...

Algebra
1.2K views

and the number of rotation symmetries with angle measures for each figure s rotations Draw...

Accounting
1.2K views

A machine is purchased on January 1, 2021, for $112,000. It is expected to have...

Accounting
1.2K views

During 2020, Logan Corporation acquired a mineral mine for $4,000,000 of which $400,000 was ascribed...

Accounting
1.2K views

Question 23 Not yet answered Advertisements for prescription medications often highlight the medication's possible advantages...

Finance
1.2K views

Alt ayda bir faiz deyen, nominal deeri 1.000 $ olan, vadesine 12 yl kalan ve...

Finance
1.2K views

Nolan Ltd. has an operating cycle of 120 days. Stock conversion takes 40 days, and...