Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1,2024, vijay communications granted re

On January 1,2024, Vijay Communications granted restricted stock units (RSUs) representing 10 million of its...

50.1K

Verified Solution

Question

Accounting

On January 1,2024, Vijay Communications granted restricted stock units (RSUs) representing 10 million of its $1 par common shares to executives, subject to forfeiture if employment is terminated within three years. After the recipients of the RSUs satisfy the vesting requirement, the company will distribute the shares.
The common shares had a market price of $12 per share on the grant date.
At the date of grant, Vijay anticipated that 6% of the recipients would leave the firm prior to vesting.
On January 1,2025,5% of the RSUs are forfeited due to executive turnover.
Vijay chooses the option to account for forfeitures when they actually occur.
Required:
to 3. Prepare the appropriate journal entries to record compensation expense on December 31,2024, December 31,2025, and December 31,2026.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in millions (i.e.,10,000,000 should be entered as 10).
Journal entry worksheet
1
2
3
Record the entry for compensation expense on December 31,2024.
Note: Enter debits before credits.
image

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

Chemistry
1.2K views

Consider the equilibrium between SbCl5, SbCl3 and Cl2. SbCl5(g)<--------> SbCl3(g) + Cl2(g) K = 2.36×10-2 at...

Economics
1.2K views

This may sound crazy as we have heard a lot of negative news about the coronavirus....

Biology
1.2K views

of the following would be considered derived characteristics of all mammals when comparing them to...

Biology
1.2K views

The sinking of the U S S Maine became a motivation for those who wanted...

Biology
1.2K views

11 What was the purpose of SDS and NaOH in the plasmid isolation proctocol Why...

Basic Math
1.2K views

The average height of young adult males has a normal distribution with standard deviation of...

Accounting
1.2K views

answer fastly please 1.

Accounting
1.2K views

HELLO, I JUST ONE TO GET ANSWER TO SOME SPECIFIC ( some sections of certain...

Accounting
1.2K views

Internal control: Q: the person who opens the mail for Regent, Bill Stevens, stole...

Accounting
1.2K views

Prepare a case brief for the Sanford Homes, Inc. case (TC Memo 1986-404). DO NOT...

Accounting
1.2K views

2-58. The following information comes from the accounting records for Chelsea, Inc., for May. Question...

Accounting
1.2K views

Accounting for Investments To begin, read the following scenario: You are the...