ACCT702 Assignment Solution On Advance Financial Accounting
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- Course Code: ACCT702
- Course Title: Advanced Financial Accounting
- Referencing Styles: APA
- Words: 1000
- University: Auckland University of Technology
- Country: NZ
Write the Journal Entries Along with the Following Information
Poseidon & Sail Ltd granted 300,000 options to its CEO, Artemis Lee. The options vest in the first year if Poseidon & Sail Ltd makes a return on assets of 12% in year 1, in the second year if Poseidon & Sail Ltd makes an average return on assets of 10% across the first two years; otherwise, they vest over three years. As at the time they were granted, the options are worth $5 each. At the end of the first year, Poseidon & Sail Ltd returned on assets of 8% and forecasted the same return on assets for the next two years. However, due to Artemis Lee’s hard work, Poseidon & Sail Ltd returned on assets of 13% in year 2 and 3. Required Record the journal entries (if any) relating to the options for each of the three years and show your working.