Sheffield Company issues 11,100 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2025. The stock has a fair value of $555,000 on this date. The service period related to this restricted stockis 5 years. Vesting occurs if Tokar stays with the company until December 31, 2029. The par value of the stock is $10. At December 31, 2025, the fair value of the stock is $355,000 Prepare the journal entries on January 1, 2025, and December 31, 2026, assuming that Sheffield issued 11.100 shares of restricted stock units instead of 11.100 shares of restricted stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record entries in the order displayed in the problem statement.)

Sheffield Company issues 11,100 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2025. The stock has a fair value of $555,000 on this date. The service period related to this restricted stockis 5 years. Vesting occurs if Tokar stays with the company until December 31, 2029. The par value of the stock is $10. At December 31, 2025, the fair value of the stock is $355,000 Prepare the journal entries on January 1, 2025, and December 31, 2026, assuming that Sheffield issued 11.100 shares of restricted stock units instead of 11.100 shares of restricted stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record entries in the order displayed in the problem statement.)

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 23P

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