Problem #1 Allied Paper Products, Inc. offers a restricted stock award plan to its vice presidents. On January 1, 2016, the company granted 16 million of its $1 par common shares, subject to forfeitur

Problem #1Allied Paper Products, Inc. offers a restricted stock award plan to its vice presidents. On January 1, 2016, the company granted 16 million of its $1 par common shares, subject to forfeiture if employment is terminated within two years. The common shares have a market price of $5 per share on the grant date.Required:1.Determine the total compensation cost pertaining to the restricted shares.2.Prepare the appropriate journal entries related to the restricted stock through December 31, 2017.Magnetic-Optical Corporation offers a variety of share-based compensation plans to employees. Under its restricted stock award plan, the company on January 1, 2016, granted 4 million of its $1 par common shares to various division managers. The shares are subject to forfeiture if employment is terminated within three years. The common shares have a market price of $22.50 per share on the grant date. Required:1.Determine the total compensation cost pertaining to the restricted shares. 2. & 3.Prepare the appropriate journal entries. Problem #3In to encourage employee ownership of the company’s $1 par common shares, Washington Distribution permits any of its employees to shares directly from the company through payroll deduction. There are no brokerage fees and shares can be purchased at a 15% discount. During March, employees purchased 50,000 shares at a time when the market price of the shares on the New York Stock Exchange was $12 per share.Required:Prepare the appropriate journal entry to record the March purchases of shares under the employee share purchase plan.

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