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JIMBO Company offered its president a restricted stock award. On January 1, 2016

ID: 2454094 • Letter: J

Question

JIMBO Company offered its president a restricted stock award. On January 1, 2016 the company granted 3 million of its $2 par common shares subject to forfeiture if employment is terminated within 2 years. The common shares have a market price of $8 per share on January 1, 2016. On December 31, 2017 the president was still employed by the company and received the stock.

REQUIRED:   PREPARE THE APPROPRIATE JOURNAL ENTRIES THROUGH DECEMBER 31, 2017. (HINT; YOU WILL NEED ENTRIES FOR 12/31/ 16 AND 12/31/17) ?

Explanation / Answer

JIMBO Company offered its president a restricted stock award. On January 1, 2016

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