(Answered) Question - in order to encourage employee ownership of the

Accounting

Question - 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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