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question on july 1 2014 ellison company granted sam wine an employee an option to bu 4292903

Question

On July 1, 2014, Ellison Company granted Sam Wine, an employee,an option to buy 1,000 shares of Ellison Co. stock for $30 pershare, the option exercisable for 5 years from date of grant. Usinga fair value option pricing model, total compensation expense isdetermined to be $4,500. Wine exercised his option on October 1,2014 and sold his 1,000 shares on December 1, 2014. Quoted marketprices of Ellison Co. stock in 2014 were: July 1 $30 per shareOctober 1 $36 per share December 1 $40 per share The service periodis for three years beginning January 1, 2014. As a result of theoption granted to Wine, using the fair value method, record thejournal entry

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