Reference no: EM132772083
Question - On January 1, 2018, Kingbird Property Management Inc. introduced a stock-based compensation plan for its senior executives. The company has a December 31, 2018 year-end and the following events occurred:
January 1, 2018 - The company issued 315,000 options to senior management executives for the purchase of shares at $9 / share. The fair value of the options using an options pricing model is $2,520,000. Options vest over a three-year period and it is estimated that 90% of the options will vest. At the end of 2021, any unexercised options will expire.
December 31, 2018 - Management now estimates that 85% of the options will vest.
December 31, 2019 - Management now estimates that 80% of the options will vest.
January 1, 2021 - 105,000 options are exercised when the market price is $15 / share.
Required - Record the journal entries associated with the above transactions including any necessary entry at December 31, 2021.
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