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Concord Company issues 10,400 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2025. The stock has a fair value of $520,000 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, 2029. The par value of the stock is $10. At December 31, 2025, the fair value of the stock is $447,000. (a) (b) (c) (d) Your answer is partially correct. On July 5, 2029, Tokar leaves the company. Prepare the journal entry to account for this forfeiture of restricted stock units. (List debit entry before credit entry. 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 O for the amounts.) Date Account Titles and Explanation July 25. 2029 Paid-in Capital-Restricted Stock Units Compensation Expense Debit 104000 Credit 104000

Concord Company issues 10,400 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2025. The stock has a fair value of $520,000 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, 2029. The par value of the stock is $10. At December 31, 2025, the fair value of the stock is $447,000. (a) (b) (c) (d) Your answer is partially correct. On July 5, 2029, Tokar leaves the company. Prepare the journal entry to account for this forfeiture of restricted stock units. (List debit entry before credit entry. 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 O for the amounts.) Date Account Titles and Explanation July 25. 2029 Paid-in Capital-Restricted Stock Units Compensation Expense Debit 104000 Credit 104000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concord Company issues 10,400 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2025. The stock has a fair value of $520,000 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, 2029. The par value of the stock is $10. At December 31, 2025, the fair value of the stock is $447,000. (a) (b) (c) (d) Your answer is partially correct. On July 5, 2029, Tokar leaves the company. Prepare the journal entry to account for this forfeiture of restricted stock units. (List debit entry before credit entry. 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 O for the amounts.) Date Account Titles and Explanation July 25. 2029 Paid-in Capital-Restricted Stock Units Compensation Expense Debit 104000 Credit 104000
Transcribed Image Text:Concord Company issues 10,400 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2025. The stock has a fair value of $520,000 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, 2029. The par value of the stock is $10. At December 31, 2025, the fair value of the stock is $447,000. (a) (b) (c) (d) Your answer is partially correct. On July 5, 2029, Tokar leaves the company. Prepare the journal entry to account for this forfeiture of restricted stock units. (List debit entry before credit entry. 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 O for the amounts.) Date Account Titles and Explanation July 25. 2029 Paid-in Capital-Restricted Stock Units Compensation Expense Debit 104000 Credit 104000
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