ACC 304 All Assignments ACC 304 All Assignments | Page 61

2) On January 1, 2014, Barwood Corporation granted 5,360 options
to executives. Each option entitles the holder to purchase one share of
Barwood’s $5 par value common stock at $50 per share at any time
during the next 5 years. The market price of the stock is $73 per share
on the date of grant. The fair value of the options at the grant date is
$150,800. The period of benefit is 2 years.
Prepare Barwood’s journal entries for January 1, 2014, and December
31, 2014 and 2015. (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 0 for the
amounts.)
3) Tomba Corporation had 546,600 shares of common stock
outstanding on January 1, 2014. On May 1, Tomba issued 51,000
shares.
4) For each of the unrelated transactions described below, present
the entries required to record each transaction.
(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 0 for the amounts.)