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LCI Cable Company grants 1.1 million performance stock options to key executives at January 1, 2016. The options entitle executives to receive 1.1 million of LCI $1 par common shares, subject to the

LCI Cable Company grants 1.1 million performance stock options to key executives at January 1, 2016. The options entitle executives to receive 1.1 million of LCI $1 par common shares, subject to the achievement of specific financial goals over the next four years. Attainment of these goals is considered probable initially and throughout the service period. The options have a current fair value of $20 per option.

Required:
1. to 2.

Record the necessary 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).)

 



Record the grant of 1.1 million performance stock options when the options have a fair value of $20 per option as on January 01, 2016.

Record the entry that would be made on December 31 of 2016, 2017, 2018 and 2019.

Jul 25 2021 View more View Less

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