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ACCT312 Week 4 Homework Assignment Solutions

ACCT312 Week 4 Homework Assignment Solutions

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On January 1, 2016, VKI Corporation awarded restricted stock units (RSUs) representing 12 million of its $1 par common shares to key personnel, subject to forfeiture if employment is terminated within three years.   After the recipients of RSUs satisfy the vesting requirements, the company will distribute the shares.   On the grant date, the shares had a market price of $2.50 per share.
American Optical Corporation provides a variety of share-based compensation plans to its employees.   Under its executive stock option plan, the compay granted options on January 1, 2016, that permit executives to acquire 4 million of the company's $1 par common shares within the next five years, but before December 31, 2017 (the vesting date).   The exercise price is the market price of the shares on the date of grant, $14 per share.   The fair value of the 4 million options, estimated by an appropriate option prising model, is $3 per option.   No forfeitures are anticipated.   Ignore taxes.
For the year ended December 31, 2016, Norstar Industries reported net income of $655,000.  At January 1, 2016, the company had 900,000 common shares outstanding.  The following changes in the number of shares occurred during 2016:
On December 31, 2015, Berclair Inc. had 200 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and oustanding.   On March 1, 2016, Berclair purchased 24 million shares of its common stock as treasury stock.   Berclair issued a 5% common stock dividend on July 1, 2016.   Four million treasury shares were sold on October 1.   Net income for the year ended December 31, 2016, was $150 million.  The income tax rate is 40%.   Also outstanding at December 31 were incentive stock options granted to key executives on September 13, 2011.   The options are exercisable as of September 13, 2015, for 30 million common shares at an exercise price of $56 per share.  During 2016, the market price of the common shares averaged $70 per share.   In 2012, $62.5 million of 8% bonds, convertible into 6 million common shares were issued at face value.


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