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Prepare the journal entries to record the events

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Question - An ESOP under which employees may purchase shares of the company for $ 20 per share was established. The option premium is $ .50 per share and 20,000 shares were set aside for the plan. On January 1, 2020, 12,000 options are purchased by employees. On December 1, 2020, all 12,000 options are exercised.

Required - Prepare the journal entries to record the above events.

Reference no: EM132559018

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