Prepare journal entries for ASPE and IFRS

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Point 1: The first financial instrument was a compensatory stock option plan that was granted to 12 key management positions for the first time. The company wanted to provide these employees with additional compensation and due to financial constraints could not increase salaries. The plan allowed these management employees to purchase 7,500 options to purchase shares at $40 each when they were actually worth $80. The options were granted on January 1, 2016 and were exercisable within a two year period beginning January 1, 2018 if the employee was still employed with the company at the time of exercise. A fair value options pricing model determined total compensation to be $820,000.

Question 1: Assume that there are no forfeitures. On January 1, 2018, two employees exercised the options. Prepare journal entries for ASPE and IFRS

Reference no: EM132485411

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