On January 1, 2021, Cobbler Corporation awarded restricted stock units (RSUs) representing 30 million of its $1 par common shares to key officers, 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 $3 per share. Prepare the appropriate journal entry to record the lifting of restrictions on the RSUs and issuing shares at December 31, 2023. Use the usual approach to account for the lifting of restrictions on RSUs.
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On January 1, 2021, Cobbler Corporation awarded restricted stock units (RSUs) representing 30 millio...
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