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The Happy Co. granted one million employee stock options on June 30, 2009. Each option allowed the holder to buy one share of Happy Co. common stock at $6.00 per share, which was also the stock’s selling price at that date. The options can be exercised any date after June 30, 2010. The Company used Black-Scholes option pricing model to estimate the fair value of the options at the grant date. That amount was $2 million. Assume the service period is one year. Happy Co. has a 12/31 year-end, its tax rate is 40%, and the options are “non-qualifying” for tax purposes. Required: A) How should this transaction be reported in Happy’s 12/31/09 year-end financial statements (balance sheet, income statement, cash flow statement)? Give amounts and accounts. Also, the effect on the balance sheet must balance. B) Assume that 20% of the options were terminated in January 2010 because certain employees had very recently left the company. Would these terminated options result in some sort of an adjustment? If there is an adjustment, make the appropriate entry or entries?
Next year Power expects to perform 2,000 setups at a total cost of $ 4,000,000. Power plans to produce 800 units of product EP150, which will require two setups. Explain how much setup cost will be allocated to each unit of EP150 produced?
In the past, the 10 persons employed in the production of Fruta consisted of 4 senior workers and 6 assistants. During June, the company experimented with 5 senior workers and 5 assistants. Would you recommend that the new labor mix be continued?
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Describe key issues of the case as they relate to Mr. Friehling's actions, or inactions, in relation to the AICPA's Code of Professional Conduct. Identify as well as describe the issues and provide examples to clarify and amplify your discussion. ..
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Discuss how this course has affected you in your professional development as a student, and as a person, as well as how it has encouraged you on your academic path.
What income amount should be used to evaluate the Alpha Store as an investment of the company?
Identify factors that will influence the selection of measurement approach
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