Required: d. At the end of 2023, Purple managers reach their goal of revenue increase. Write the journal entry required for 12/31/2023. e. Separate from the options above. Purple previously had granted and recognized stock options with a value of $200,000 that were exercised in 2023. The 40,000 stock options had a strike price of $20 and the market price of the common stock on the day of exercise was $28 per share. Record the journal entry to show the exercise of the options.

Required: d. At the end of 2023, Purple managers reach their goal of revenue increase. Write the journal entry required for 12/31/2023. e. Separate from the options above. Purple previously had granted and recognized stock options with a value of $200,000 that were exercised in 2023. The 40,000 stock options had a strike price of $20 and the market price of the common stock on the day of exercise was $28 per share. Record the journal entry to show the exercise of the options.

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

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 7RE: On January 1, 2019, Phoenix Corporation adopts a performance-based share option plan for 25...

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