Solved: On january 1 2010 the date of grant lutz corporation issues, Accounting Basics

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On january 1 2010 the date of grant lutz corporation issues

1. On January 1, 2010 (the date of grant), Lutz Corporation issues 2,000 shares of restricted stock to its executives. The fair value of these shares is $75,000, and their par value is $10,000. The stock is forfeited if the executives do not complete 3 years of employment with the company. Prepare the journal entry (if any) on January 1, 2010, and on December 31, 2010, assuming the service period is 3 years.

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Accounting Basics: On january 1 2010 the date of grant lutz corporation issues

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