ACC 304 Course Great Wisdom / tutorialrank.com ACC 304 Course Great Wisdom / tutorialrank.com | Page 374

restricted stock is 5 years. Vesting occurs if Tokar stays with the
company until December 31, 2018. The par value of the stock is
$10. At December 31, 2014, the fair value of the stock is
$481,300.

(a) Prepare the journal entries to record the restricted stock on
January 1, 2014 (the date of grant), and December 31, 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.)

(b) On July 25, 2018, Tokar leaves the company. Prepare the
journal entry to account for this forfeiture. (Credit account titles
are automatically indented when amount is entered. Do not
ind ent manually. If no entry is required, select "No Entry" for
the account titles and enter 0 for the amounts.)

7)
On January 1, 2015, Wilke Corp. had 501,000 shares of
common stock outstanding. During 2015, it had the following
transactions that affected the Common Stock account.
February 1

Issued 142,000 shares

March 1

Issued a 10% stock dividend

May 1

Acquired 115,000 shares of treasury stock

June 1

Issued a 3-for-1 stock split

October 1

Reissued 67,800 shares of treasury stock