Answer: See explanation
Step-by-step explanation:
1. Determine the total compensation cost pertaining to the restricted shares.
This will be:
= 15 million × $6
= $90 million
2. Prepare the appropriate journal entries related to the restricted stock through December 31, 2022.
December 31, 2021
Dr Compensation expense = 90/2 = $45 million
Cr Paid-in capital—restricted stock = $45 million
December 31, 2022
Dr Compensation expense = $45 million
Cr Paid-in capital—restricted stock = $45 million
December 31, 2022
Dr Paid-in capital—restricted stock = $90 million
Cr Common stock = $15 million
Cr Paid-in capital—excess of par = $75 million