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. Shares of our common stock may be purchased by employees at three-month intervals at 80% of the fair market value on the last trading day of each three-month period. Employees may purchase shares having a value not exceeding 20% of their gross compensation during an offering period. Employees purchased the following shares during the periods presented: (Shares in millions) Year Ended June 30, Shares purchased Average price per share 2020 10.4 2019 12.4 2018 14.4 $ 145.30 $ 107.93 $ 79.48 As of June 30, 2020, 96 million shares of our common stock were reserved for future issuance through the ESPP. 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. Answer is not complete. General Journal Debit Credit No Date 1 June 30, 2020 Cash Compensation expense Common stock Paid-in capital - excess of par
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. Shares of our common stock may be purchased by employees at three-month intervals at 80% of the fair market value on the last trading day of each three-month period. Employees may purchase shares having a value not exceeding 20% of their gross compensation during an offering period. Employees purchased the following shares during the periods presented: (Shares in millions) Year Ended June 30, Shares purchased Average price per share 2020 10.4 2019 12.4 2018 14.4 $ 145.30 $ 107.93 $ 79.48 As of June 30, 2020, 96 million shares of our common stock were reserved for future issuance through the ESPP. 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. Answer is not complete. General Journal Debit Credit No Date 1 June 30, 2020 Cash Compensation expense Common stock Paid-in capital - excess of par
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 18E: Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares...
Related questions
Question
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Transcribed Image Text: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. Shares of our common stock may be purchased by
employees at three-month intervals at 80% of the fair market value on the last trading day of each three-month period. Employees may
purchase shares having a value not exceeding 20% of their gross compensation during an offering period. Employees purchased the
following shares during the periods presented:
(Shares in millions)
Year Ended June 30,
Shares purchased
Average price per share
2020
10.4
2019
12.4
2018
14.4
$ 145.30 $ 107.93 $ 79.48
As of June 30, 2020, 96 million shares of our common stock were reserved for future issuance through the ESPP.
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.
Answer is not complete.
General Journal
Debit
Credit
No
Date
1
June 30, 2020
Cash
Compensation expense
Common stock
Paid-in capital - excess of par
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning