Reference no: EM132721671
Question - On January 1, 2020, Pronghorn Corporation granted its president a share appreciation rights (SARs) package covering employment over a three-year period. The package was based on SARs increases for 19,410 shares over the fair value on January 1, 2020 of $23 per common share. The SARs package to be paid in cash at the end of the third year (i.e., December 31, 2022).
The fair values of the Pronghorn shares were as follows:
December 31, 2020 $25/share
December 31, 2021 $28/share
December 31, 2022 $26/share
Required - Prepare the journal entries to record the Share Appreciation Rights (SARs) package, and the payment on December 31, 2022 assuming that Pronghorn follows ASPE.
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