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not indent manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts.)
6) Tweedie Company issues 10,500 shares of restricted stock to its
CFO, Mary Tokar, on January 1, 2014. The stock has a fair value of
$525,000 on this date. The service period related to this restricted
stock is 5 years. Vesting occurs if Tokar stays with the company until
December 31, 2018. The par value of the stock is $10. At December
31, 2014, the fair value of the stock is $481,300.
(a) Prepare the journal entries to record the restricted stock on
January 1, 2014 (the date of grant), and December 31, 2015. (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.)
(b) On July 25, 2018, Tokar leaves the company. Prepare the journal
entry to account for this forfeiture. (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.)
7) On January 1, 2015, Wilke Corp. had 501,000 shares of
common stock outstanding. During 2015, it had the following
transactions that affected the Common Stock account.
February 1
Issued 142,000 shares
March 1
Issued a 10% stock dividend
May 1
Acquired 115,000 shares of treasury stock
June 1
Issued a 3-for-1 stock split
October 1
Reissued 67,800 shares of treasury stock
a.)Determine the weighted-average number of shares outstanding as
of December 31, 2015.
b.)Assume that Wilke Corp. earned net income of $3,315,000 during
2015. In addition, it had 117,000 shares of 9%, $102 par
nonconvertible, noncumulative preferred stock outstanding for the
entire year. Because of liquidity considerations, however, the