Tweedie company issues 11,500 shares of restricted stock to its cfo, mary tokar, on january 1, 2014. the stock has a fair value of $575,000 on this date. the service period related to this restricted stock is 5 years. vesting occurs if tokar stays with the company until december 31, 2018. the par value of the stock is $10. at december 31, 2014, the fair value of the stock is $465,300(a) prepare the journal entries to record the restricted stock on january 1, 2014 (the date of grant), and december 31, 2015(b) on july 25, 2018, tokar leaves the company. prepare the journal entry to account for this forfeiture.

The journal entries are as follows:

(a) (i) on January 1, 2014

Unearned compensation A/c Dr. $5,75,000

       To Common stock (11,500 × 10)                $115,000                              

       To Paid-in Capital in Excess of Par - Common Stock $4,60,000

(ii) On December 31, 2015

compensation expenses A/c(575,000 × 1/5) Dr. $1,15,000

       To Unearned compensation                $1,15,000

(To record the restricted stock)

(b) On July 25, 2018,

common stock A/c Dr. $1,15,000

Paid-in Capital in Excess of Par - Common Stock A/c Dr. $4,60,000

     To compensation expenses  $4,60,000

     To unearned compensation   $1,15,000

(To record the forfeiture)

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