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    Harvard university
    Feb-1997 - Aug-2003

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    Strayer University
    Jan-2007 - Present

Category > Accounting Posted 09 May 2017 My Price 6.00

Pharoah Company

On November 1, 2017, Pharoah Company adopted a stock-option plan that granted options to key
executives to purchase 24,900 shares of the company’s $9 par value common stock. The options were
granted on January 2, 2018, and were exercisable 2 years after the date of grant if the grantee was still
an employee of the company. The options expired 6 years from date of grant. The option price was set
at $30, and the fair value option-pricing model determines the total compensation expense to be
$373,500.
All of the options were exercised during the year 2020: 16,600 on January 3 when the market price was
$66, and 8,300 on May 1 when the market price was $77 a share.
Prepare journal entries relating to the stock option plan for the years 2018, 2019, and 2020. Assume
that the employee performs services equally in 2018 and 2019. (Credit account titles are
automatically indented when amount is entered. Do not indent manually. If no entry is
required, select "No Entry" for the account titles and enter 0 for the amounts. Round
intermediate calculations to 5 decimal places, e.g. 1.24687 and final answers to 0 decimal
places, e.g. 5,125.)
Date Jan. 3, 2020 May 1, 2020 Account Titles and
Explanation Debit Credit

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SuperTutor
(15)
Status NEW Posted 09 May 2017 08:05 AM My Price 6.00

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