FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Alicante Limited, based in Prince George, is an exciting company which provides destination weddings to Saskatchewan. Alicante Limited takes excellent care of its employees, with generous sick day allotments; above-average salaries; and free family trips to Saskatoon each summer. Recently, the company initiated a stock option plan for employees. Under it, Alicante Limited employees can buy corporate shares for $20 each (the company has put aside 100,000 shares for this). The option premium is $5/share. The average combined federal and provincial tax rate for Alicante Limited employees is 30%.
Date
Occurrence
March 14, 2021
20,000 options bought by employees
September 16, 2021
14,000 options exercised by employees
October 14, 2021
10,000 options bought by employees
November 1, 2021
15,000 options bought by employees
Required
Prepare all the required journal entries in good form for the above-listed dates

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