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Prepare the journal entry that summarizes ecomotors employee

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EcoMotors's disclosure notes for the year ending December 31, 2017, included the following regarding its $0.001 par common stock:

Employee Stock Purchase Plan

Point 1: Our employees are eligible to purchase our common stock through payroll deductions of up to 10% of their eligible compensation, subject to any plan limitations. The purchase price would be 90% of the lower of the fair market value on the first and last trading days of each six-month offering period. During the years ended December 31, 2017, 2016, and 2015, we issued 221,671, 164,700 and 221,671 shares under the ESPP for $38.6 million, $29.7 million and $14.9 million, respectively. There were 3,626,749 shares available for issuance under the ESPP as of December 31, 2017.

Required:

Question 1: Prepare the journal entry that summarizes EcoMotors's employee share purchases for the year ending December 31, 2017. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.)

Reference no: EM132494536

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