On January 1, 2016, VKI Corporation awarded restricted stock units (RSUs) representing 11 million of its $1 par common shares to key personnel, subject to forfeiture if employment is terminated within three years. After the recipients of the RSUs satisfy the vesting requirement, the company will distribute the shares. On the grant date, the shares had a market price of $7.20 per share.
Required:
1. Determine the total compensation cost pertaining to the RSUs. (Enter your answers in millions rounded to 1 decimal place (i. e., 5,500,000 should be entered as 5.5).)
2. to 6. Prepare the appropriate journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i. e., 5,500,000 should be entered as 5.5).)
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