Brief Exercise 16-7 On January 1, 2017, Wildhorse Corporation granted 2,200 shar

Question

Brief Exercise 16-7 On January 1, 2017, Wildhorse Corporation granted 2,200 shares of restricted $5 par value common stock to executives. The market price (fair value) of the stock is $63 per share on the date of grant. The period of benefit is 2 years. Prepare Wildhorse's journal entries for January 1, 2017, and December 31, 2017 and 2018. (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 O for the amounts) Date Account Titles and Explanation Debit Credit

Explanation / Answer

1/1/2017 Unearned Compensation 138600 =2200*63        Paid-in Capital in Excess of Par 127600         Common Stock 11000 =2200*5 12/31/2017 Compensation Expense 69300 =138600/2         Unearned Compensation 69300 12/31/2018 Compensation Expense 69300         Unearned Compensation 69300

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