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 9.6 $143.54 $ 106.17 $ 77.72 Average price per share 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 Cash 2019 11.6 General Journal Compensation expense Common stock Paid-in capital - excess of par 2018 13.6 ›› › › ✓ Debit 1,240,185,600 X 137,798,400 x Credit 60 ✓ 1,377,983,940
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 9.6 $143.54 $ 106.17 $ 77.72 Average price per share 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 Cash 2019 11.6 General Journal Compensation expense Common stock Paid-in capital - excess of par 2018 13.6 ›› › › ✓ Debit 1,240,185,600 X 137,798,400 x Credit 60 ✓ 1,377,983,940
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
N1.
Account
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)
Year Ended June 30,
Shares purchased
Average price per share
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
Cash
2020
2019
11.6
2018
13.6
9.6
$ 143.54 $ 106.17 $ 77.72
General Journal
Compensation expense
Common stock
Paid-in capital - excess of par
Debit
1,240,185,600 x
137,798,400
Credit
60
1,377,983,940
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