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In order to encourage employee ownership of the company's $1 par common shares,Corporation permits any of its employees to buy shares directly from the company trough payroll deduction.There are no brokerage fees and shares can be purchased at a 15% discount.During June,employees purchased 150,000 shares at a time when the market price of the shares on the New York Stock Exchange was $10 per share.

Required:

Prepare the appropriate journal entry to record the June purchases of shares under the employee share purchase plan.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9416760

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