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MacroApps Corporation's disclosure notes for the year ending June 30, 2020, included the following regarding its $0.00000625 par common stock: Employee Stock Purchase Plan-We have an ESPP for all eligible employees. Shares of our common stock may be purchased by employees at three-month intervals at 90% of the fair market value on the last trading day of each three-month period. Employees may purchase shares having a value not exceeding 10% of their gross compensation during an offering period. Employees purchased the following shares during the periods presented: (Shares in millions) 2020 2019 2018 Year Ended June 30, Shares purchased 10.1 12.1 14.1 Average price per share $ 144.64 $187.27 $ 78.82 As of June 30, 2020, 96 million shares of our common stock were reserved for future issuance through the ESPP. Required: Prepare the journal entry that summarizes MacroApps's employee share purchases for the year ending June 30, 2020. Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. Enter your answers In whole dollars. No 1 Date June 30, 2020 Answer is complete but not entirely correct. General Journal Debit 1,301,780,000 Compensation expense Cash Paid-in capital - excess of par Common stock 144.640,000 X Credit 1,438,300,000 X 10,100,000

MacroApps Corporation's disclosure notes for the year ending June 30, 2020, included the following regarding its $0.00000625 par common stock: Employee Stock Purchase Plan-We have an ESPP for all eligible employees. Shares of our common stock may be purchased by employees at three-month intervals at 90% of the fair market value on the last trading day of each three-month period. Employees may purchase shares having a value not exceeding 10% of their gross compensation during an offering period. Employees purchased the following shares during the periods presented: (Shares in millions) 2020 2019 2018 Year Ended June 30, Shares purchased 10.1 12.1 14.1 Average price per share $ 144.64 $187.27 $ 78.82 As of June 30, 2020, 96 million shares of our common stock were reserved for future issuance through the ESPP. Required: Prepare the journal entry that summarizes MacroApps's employee share purchases for the year ending June 30, 2020. Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. Enter your answers In whole dollars. No 1 Date June 30, 2020 Answer is complete but not entirely correct. General Journal Debit 1,301,780,000 Compensation expense Cash Paid-in capital - excess of par Common stock 144.640,000 X Credit 1,438,300,000 X 10,100,000

Intermediate Accounting: Reporting And Analysis
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
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 18E: Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares...
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MacroApps Corporation's disclosure notes for the year ending June 30, 2020, included the following regarding its $0.00000625 par common stock: Employee Stock Purchase Plan-We have an ESPP for all eligible employees. Shares of our common stock may be purchased by employees at three-month intervals at 90% of the fair market value on the last trading day of each three-month period. Employees may purchase shares having a value not exceeding 10% of their gross compensation during an offering period. Employees purchased the following shares during the periods presented: (Shares in millions) 2020 Year Ended June 30, Shares purchased Average price per share. 10.1 $144.64 As of June 30, 2020, 96 million shares of our common stock were reserved for future issuance through the ESPP. Required: Prepare the journal entry that summarizes MacroApps's employee share purchases for the year ending June 30, 2020. Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account fleld. Enter your answers In whole dollars. No 1 Date June 30, 2020 2019 2018 12.1 14.1 $197.27 $ 78.82 Answer is complete but not entirely correct. General Journal Debit 1,301,760,000 X 144,640,000 X Compensation expense Cash Paid-in capital - excess of par Common stock Credit 1,436,300,000 x 10,100,000 X
Transcribed Image Text:MacroApps Corporation's disclosure notes for the year ending June 30, 2020, included the following regarding its $0.00000625 par common stock: Employee Stock Purchase Plan-We have an ESPP for all eligible employees. Shares of our common stock may be purchased by employees at three-month intervals at 90% of the fair market value on the last trading day of each three-month period. Employees may purchase shares having a value not exceeding 10% of their gross compensation during an offering period. Employees purchased the following shares during the periods presented: (Shares in millions) 2020 Year Ended June 30, Shares purchased Average price per share. 10.1 $144.64 As of June 30, 2020, 96 million shares of our common stock were reserved for future issuance through the ESPP. Required: Prepare the journal entry that summarizes MacroApps's employee share purchases for the year ending June 30, 2020. Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account fleld. Enter your answers In whole dollars. No 1 Date June 30, 2020 2019 2018 12.1 14.1 $197.27 $ 78.82 Answer is complete but not entirely correct. General Journal Debit 1,301,760,000 X 144,640,000 X Compensation expense Cash Paid-in capital - excess of par Common stock Credit 1,436,300,000 x 10,100,000 X
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