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Question - On January 1, 2020, Henson Corporation granted its chief executive officer the option to purchase 10,000 shares of $1 par value common stock for $40 a share. The market price of the stock on January 1, 2020 was $45 a share. The fair value of the options on the grant date was $50,000. The options were granted based upon two years of service (years 2020 and 2021) to be performed by this executive. On May 1, 2022 the executive exercised one-half (5,000) of these options.
a) Prepare the entry on December 31, 2020 to record the compensation expense.
b) Prepare the entry on May 1, 2022 to record the exercise of the 5,000 options.
Prepare a multiple-step income statement. Prepare a retained earnings statement. Prepare a report form of balance sheet, assuming that the current portion of the note payable is $3,000.
Enter the given transactions in the ledger of A. Baker and prepare a trial balance at 31 May, together with a calculation of the profit for the month and a statement of financial position at 31 May.
Fox Co. issued $100,000 of ten-year, 10% bonds that pay interest semiannually. The bonds are sold to yield 8%. Another step in calculating the issue price of the bonds is to
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Yolanda Hagen, a former disc golf star, operates Yolanda’s Discorama. At the beginning of the current season on April 1, the ledger of Yolanda’s Discorama showed Cash $1,900, Inventory $2,600, and Owner’s Capital $4,500. The following transactions we..
How much must you deposit annually into an account that pays 5% annual interest to have $75,000 eight years from now? Assume all payments are made at the end
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Compute the price and usage variances for direct materials, and the rate and efficiency variances for direct labor. Prepare journal entries to record the preceding events.
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