Question 1

Gizmo Distributors Ltd. (GDL) is an online retailer that prepares its financial statements in
accordance with IFRS.

It is time to prepare the financial statements for the December 31, 20X6, year end. The bank account
has been reconciled as of December 31, 20X6, and reports the correct ending cash balance. A new
accounting clerk informed you that the financial statement files contained numerous pink sticky
notes, which were attached to documentation whenever the recently
terminated clerk had encountered challenging transactions. A thorough review of the transactions in
question provides the following information:

1. GDL received equipment with a cost of US$150,000 from a U.S. vendor on November 15, 20X6. The
vendor accepted a six-month note with an annual interest rate of 9%. Principal and interest amounts
are to be paid at maturity. The exchange rate in effect on the
transaction date is 1.3332, and 1.3840 on the year-end date. The average exchange rate during the
45-day period to year end is 1.3583. The equipment will be available for its
intended use in early January 20X7. No entry has been made for this transaction. Interest calculations
are done on the basis of months, not days.

2. On June 30, 20X6, GDL issued $3,500,000 convertible Series G bonds for proceeds of
$3,365,200. The stated interest rate on the bonds is 5%, and interest is paid semi-annually on June 30
and December 31 each year. The first payment is due on December 31, 20X6. The bonds mature 10
years after the issue date. Investors who are purchasing similar bonds without the conversion feature
require an interest rate of 6.5%. The entire proceeds were credited to bonds payable. A cash interest
payment was recorded but no entry was made to record the amortization of the bond premium or
discount
3. On December 31, 20X5, GDL’s balance sheet reported contributed surplus of $16,000 and
convertible Series D bonds payable of $260,000. These bonds were issued five years ago with no
premium or discount, and the conversion feature will expire in early 20X7. On November 1, 20X6,
50% of the outstanding convertible bonds in this series were converted into 10,000 common shares.
When the conversion occurred, the market price of the common shares was $35 per share. No entry
has been made for this conversion transaction.
4. In 20X5, GDL created a customer loyalty program that awards one point for each dollar of sales
revenue. Customers can redeem 5,000 points and then select from a variety of product rewards, each
with a retail selling price of $40 and a cost to GDL of $15. Based on the prior year’s experience, GDL
expects that 60% of awarded points will be redeemed. On December 31, 20X5, the balance in the
provision for loyalty rewards account was $18,200. Customers redeemed 3,000,000 reward points
during the 20X6 year. In 20X6, total sales of
$6,300,000 occurred, and this is the balance in the sales revenue account. The selling price of GDL’s
products did not change when the customer loyalty program was introduced, as a result of strong
competition in the market. No entries have been made to record the redemption of points and
shipment of the product rewards.
5. GDL entered into a contract with a supplier to purchase 1,000 watches, with delivery to be made
during 20X6 and 20X7. GDL agreed to pay $25 per watch and expected the selling price to be $60 per
watch. GDL accepted delivery on 100 watches, but had to reduce the selling price to $20 per watch in
order to sell the inventory. GDL has been unable to renegotiate a new purchase price with the
supplier, but the supplier offered to cancel the contract for a one-time payment of $1,200 from GDL.
GDL has not yet accepted the offer.

6. GDL sold shares on a subscription basis in 20X5 in order to generate the required capital. On
January 1, 20X6, the general ledger reported subscriptions receivable of $300,000 and common
shares subscribed of $600,000. During 20X6, $300,000 was collected and the shares were issued. The
previous clerk recorded a credit to common shares when recording the cash received. No other entry
has been made.
7. To finance its rapid growth, GDL issued 20,000 shares in 20X6. Share issue costs were
$3,800 and were recorded as an expense. For previous share issues, GDL accounted for these costs
using the offset method.
8. On December 29, 20X6, a stock market correction resulted in a significant decrease in the price of
GDL’s common shares. GDL bought back 1,000 shares at the market price of $18. The average book
value of the common shares was $20. The common share account balance was reduced by the cash
paid.

Required:
Prepare the journal entries to record or correct the previously posted journal entries for the
transactions described above.

Answer 1
Journal entries for each scenario
(1) Before do interest entries we need to calculate few things

>> Value of transaction on Nov 15 in CAD: ( 1 USD = 1.332 CAD)= 150000 x 1.3332= 199980
>> Gain/loss on re-evaluation on end of period Dec 31: (1USD=1.3840; as it is greater than 1.3332),
so it is gain of = (1.3840-1.3332)*150000 =7620
>> Interest Expense at end of period Dec 31 (that is after 1.5 months)= 0.09*1.5/12*150000 =1687.5
USD ; with exchange average of 1.3583 interest expense = 1687.5*1.3583= 2292.13
>> Interest Payable = Loss on foreign Exchange + Interest Expense = 43.36+2292.13 = 2335.5
Loss on foreign exchange = (1.3840-1.3583)*0.09*1.5/12*150000 =43.36
 Receipt of Equipment: Nov 15 DR CR
Equipment 199980
Bond Payable 199980
Re-evaluation at end of period: Dec 31 DR CR
Bond Payable 7620
Foreign Exchange Gain 7620
Interest Expense: Dec 31 DR CR
Interest Expense 2292
Loss on Foreign Exchange =(0.09*1.5/12*150000*1.3840)-2292 43
Interest Payable 2336

(2) Record amortisation of Bond. We need to calculate present value of bond, interest expense,
amortisation of bond.
>> Interest Payment semi-annually= 0.05/2*3500000 =87500 (PMT)
>> Fair value of non-convertible bond = FV: 3500000, PMT:87500, I/Y:6.5%, Period=20 =
3118342.16
>> Fair value of bundled feature = 3365200-3118342.16 =246857.84
>> Interest Expense = Fair value of non convertible bound x 0.065/2 = 101346.12
>> Discount Amortised = 101346.12-87500 = 13846.12

Entry already done DR CR

Cash 3365200
Bond Payable 3365200
Correction to adjust bond payable to 3118342.16 DR CR
Bond Payable = (3365200-3118342.16) 246858
Reserves or contribution surplus 246858
Entry already done DR CR
Interest Expense 87500
Cash 87500
Amortisation of bond to adjust interest expense to 101346 DR CR
Interest Expense (101346-75000) 13846
Bond Payable 13846

(2) Record amortisation of Bond. We need to calculate present value of bond, interest expense,
amortisation of bond.
>> Interest Payment semi-annually= 0.05/2*3500000 =87500 (PMT)
>> Fair value of non-convertible bond = FV: 3500000, PMT:87500, I/Y:6.5%, Period=20 =
3118342.16
>> Fair value of bundled feature = 3365200-3118342.16 =246857.84
>> Interest Expense = Fair value of non convertible bound x 0.065/2 = 101346.12
>> Discount Amortised = 101346.12-87500 = 13846.12

Entry already done DR CR

Cash 3365200
Bond Payable 3365200
 Correction to adjust bond payable to 3118342.16 DR CR
Bond Payable = (3365200-3118342.16) 246858
Reserves or contribution surplus - convertible bonds 246858
Entries already done DR CR
Interest Expense 87500
Cash 87500
Amortisation of bond to adjust interest expense to 101346 DR CR
Interest Expense (101346-75000) 13846
Bond Payable 13846

(3) Conversion of 50% of bonds to 10, 000 common shares

As the value of bond was not at premium or discount so bond payable on Dec 20X5 is 260000. As
50% is converted to common shares so amount of bond principle and associated surplus will now be
credited to common shares, which is =0.50*260000+0.50*16000 = 138000

Conversion to common shares DR CR

Bond Payable =0.50*260000 130000
Reserves or contributed surplus - convertible bond D series = 8000
0.50*16000

Common Shares 138000

(4) Loyalty Program

Sales =6300000; 1$ = 1 points = total points =6300000;
60% Redemption rate = 0.60*6300000 =3780000 points ;
value of these points = 3780000/5000*40 =30240
Standalone value of sales = 6300000/(6300000+30240)*6300000 =6269904.46
Standalone value of rewards = 6300000-6269904.46 =30095.54
Expected value of each point = 30095.54/3780000 =0.007961; value of 3000000 points
=3000000*0.007961 = 23885.35

Entry for sales DR CR

Cash 6300000
Sales 6269904
Deferred Revenue (award points) 30096
Cost of goods sold =6300000*15/40 2362500
Inventory 2362500
Entry of redemption of points DR CR
Deferred revenue (award points) 23885
Award revenue 23885
Cost of goods sold =3000000/5000*15 9000
Inventory 9000
(5) Onerous contract: As the cost of meeting the condition of contract exceeds the benefit , it is an
onerous contract. We now need to compare the cost of fulfilling the contract to the penalty.
Cost of fulfilling remaining contract = (1000-100) x loss from sale = 900 x 5 =4500
Penalty = 1200
As penalty is lower than cost of fulfilling the contract therefor we should accept the offer

DR CR
Loss on onerous contract 1200
Provision for onerous contract 1200

(6) Subscription of shares

The shares are issued only when the obligation is full. So we need to correct the entry of credit to
common shares, as first of all the subscription amount due has to covered and then we issue shares
and subscription account is closed

Entry already done DR CR

Cash 300000
Common shares 300000
Corrected entry for 300000 cash DR CR
Common shares 300000
Share subscription receivable- common shares 300000
Corrected entry for 300000 cash DR CR
Common shares -subscribed 600000
Common shares 600000

(7) Share issuance cost, Offset method:

It is directly debited to share capital account
DR CR
Share capital 3800
Cash 3800

(8) Shares buyback : 1000 shares were bought back

Shares capital is debited as per the average value of shares = 20*1000 =20000

DR CR
Common Shares 20000
Cash (buyback rate x number of shares =18x1000) 18000
Contribution surplus common 2000
ments in

The bank account

balance. A new
us pink sticky

the transactions in

mber 15, 20X6. The

d interest amounts
rate during the

nterest calculations

ds of
annually on June 30
bonds mature 10
conversion feature
le. A cash interest
ond premium or

6,000 and
rs ago with no
ember 1, 20X6,
0 common shares.
er share. No entry
 dollar of sales
duct rewards, each
experience, GDL
balance in the
0 reward points

ng price of GDL’s
result of strong
f points and

very to be made
price to be $60 per
o $20 per watch in
ce with the
$1,200 from GDL.

d capital. On
and common
es were issued. The
ved. No other entry

were
d for these costs

ase in the price of

he average book
uced by the cash

ies for the

= 199980
ater than 1.3332),

2*150000 =1687.5
3
13 = 2335.5
 CR

199980
CR

7620
CR

2336

rest expense,

d=20 =

₹ 3,118,342.16 -2.35% -0.0470281

CR ₹ 3,365,200.00
₹ 246,857.84 ₹ 101,346.12
3365200 ₹ 13,846.12
CR

246858
CR

87500
CR

13846

rest expense,

d=20 =

138
CR 212

3365200
 CR

246858
CR

87500
CR

13846

5 is 260000. As
urplus will now be

CR

138000

points

3780000 30240 6269904.46 30095.541

CR 0.0079617831 39.808915344 30095.5414
23885.3492063 23885.349206 4500
6269904
30096
0
2362500
CR

23885

9000
 benefit , it is an
e penalty.

e offer

CR

1200

try of credit to
n we issue shares

CR

300000
CR

300000
CR

600000

CR

3800

CR

18000
2000
 ₹ -368,528.47 4.47
₹ -362,963.85
₹ 374,888.04
y #VALUE!
#VALUE! 95651
f 1008000 4370000
12250 -50000
-20250 4320000
1000000
57.53425 7250000 4.32
300000 300000
507500 507442.5
-190000

7867442
8129000
261557.5

i s eps 4.47
70000 40000 1.75 2
0 1920 0 1
76800 24000 3.2 3 768

1072800 240000 4.47

1072800 241920 4.434524
1142800 281920 4.053632
1219600 305920 3.986663

2274000 1000000
60000
-48000 1060000
0

84000 0 1320 132

0 480 3.636364
0 740
2173000 370
2226000 53000
2427400 10600
3805400
Question 4
Whonnock Corp., a publicly traded company, is preparing its financial statements for the year ended
December 31, 20X6. Whonnock’s accounting income before taxes for 20X6 was
$975,000. The following items have been recorded in the company’s accounting records and therefore adde
or deducted, as appropriate, in calculating accounting income:

Depreciation expense $120,000

* Dividend revenue from taxable Canadian
Dividend corporations.
revenue 26,000*
Interest on late payments of income tax instalments 380
Loss on sale of equipment 34000
Meals and entertainment expense 4200
Golf club membership fees 8000
Pension expense 110000
Warranty expense 29000

*Dividend revenue from taxable Canadian corporations. Additional information:

1. On December 31, 20X5, the net book value of the equipment was $720,000.
2. On December 31, 20X5, the undepreciated capital cost of the equipment was $553,000.
3. On December 31, 20X5, Whonnock reported a provision for warranty of $52,000 and a net pension
liability of $315,000.
4. The equipment sold had an original cost of $210,000 and a net book value of $126,000.
5. New equipment was purchased in 20X6 for $350,000.
6. Whonnock incurred a significant loss for tax purposes in 20X3. On December 31, 20X5,
$300,000 of that loss remained to be claimed in the future. As it was deemed likely that the benefit of the
loss would be received in the future, Whonnock recorded the deferred tax asset from the loss carryforward
in 20X5.

7. Whonnock contributed $78,000 to the pension plan in 20X6.

8. Whonnock paid $32,200 in warranty costs in 20X6.
9. CCA for 20X6 was $149,600.
10. During 20X6, tax instalments of $120,000 were remitted to the Canada Revenue Agency. The amount wa
recorded as a debit to income tax payable, and a credit to cash.
11. On October 1, 20X6, the government enacted an income tax rate reduction, from 28% to 25%, effective
October 1, 20X6.

Required:
a) Calculate the deferred tax account balance that was reported on the statement of financial position (SFP)
as of December 31, 20X5.
b) Calculate the current and deferred income tax that will appear on the statement of comprehensive incom
for the year ended December 31, 20X6, and on the related SFP accounts. Clearly indicate whether the SFP
accounts are assets or liabilities.
c) Prepare the journal entries to record the current and deferred tax expense for 20X6.

Answer 2
(A) Defferd tax for Dec 31, 20x5
NBV/UCC Difference
Net Book Value (NBV) 720000
Undepreciated Capital Cost (UCC) 553000
NBV-UCC 167000
Tax Rate 20x5 28%
Cr 46760 (Tax rate* (NBV-UCC))
Warranty Liability 52000
Tax Rate 20x5 28%
Dr 14560 (Tax rate* Warranty Liability)
Pension Liability 315000
Tax Rate 20x5 28%
Dr 88200 (Tax rate* Pension Liability)
Loss Carryforward 300000
Tax Rate 20x5 28%
Dr 84000 (Tax rate* Loss Carry forward)
Dr 140000 Net Deferred Tax

(b) Current And deferred income tax 20x6

Net Income 20X6 975000

Permanent Difference
Dividend Income -26000
Golf and club membership 8000
Meals and entertainment (50%4200) 2100
Interest on late payments for income tax 380
959480

Timing Difference
Depriciation 120000
CCA -149600
Loss on sale of equipment 34000
Warranty Expense 29000
Warranty Cost -32200
Pension Expense 110000
Pension Paid -78000
Less : Application of loss carried forward -300000
Taxable Income 692680
Tax rate 25%
Income Tax Expense Current 173170
Defferd tax for Dec 31, 20x6
NBV/UCC Difference

=720000-120000+350000
Net Book Value (NBV)= Opening Bal-Depriciation+addition- disposal 824000 126000

Undepreciated Capital Cost (UCC)=Opening Bal-CCA+addition- =553000-149600+350000

661400
disposal ; Disposal = NBV of asset sold-Losses (126000-34000=92000 92000
NBV-UCC 162600
Tax Rate 20x5 25%
Cr 40650 (Tax rate* (NBV-UCC))
Warranty Liability= Opening Bal+Expenses-Cost 48800 =52000+29000-32200
Tax Rate 20x5 25%
Dr 12200 (Tax rate* Warranty Liability)
Pension Liability =Opening Bal+Expenses-Cost 347000 =315000+110000-78000
Tax Rate 20x5 25%
Dr 86750 (Tax rate* Pension Liability)
Dr = (40650-12200-86750) 58300 Net Deferred Tax

DIT Account
140000 Beginning Balance
81700 DIT Expense
58300 Ending Balance
Deferred Income Tax Expense 81700 =140000-58300
SFP accounts details
Current Income Tax Liability
Deffered Income Tax Long Term Asset

(c) Journal Entries

The income tax installment paid in 20X6 is actually an asset (pre-paid tax) rathar than liability, so the
journal entries will consist of, correction of installment entry, current tax expense entry and deferred tax
expense entry

Correction of Installment entry DR

Income Tax Installment - Current Asset 120000
Income Tax Payable
Current Income Tax Expense DR
Current Income Tax Expense 173170
Income Tax Installment - Current Asset
Income Tax Payable

RecordingDeferred Income Tax Expense DR

Income Tax Expense - Deffered 81700
DIT Account
nts for the year ended
s
g records and therefore added

$120,000
26,000*
380
34000
4200
8000
110000
29000

n:

$553,000.
,000 and a net pension

$126,000.

r 31, 20X5,
kely that the benefit of the
t from the loss carryforward

enue Agency. The amount was

from 28% to 25%, effective

ent of financial position (SFP)

ment of comprehensive income

y indicate whether the SFP

or 20X6.
 (Tax rate* (NBV-UCC))

(Tax rate* Warranty Liability)

(Tax rate* Pension Liability)

(Tax rate* Loss Carry forward)

Net Deferred Tax

=720000-120000+350000-
126000

=553000-149600+350000-
92000
 (Tax rate* (NBV-UCC))
=52000+29000-32200

(Tax rate* Warranty Liability)

=315000+110000-78000

(Tax rate* Pension Liability)

Net Deferred Tax

=140000-58300

har than liability, so the

nse entry and deferred tax

CR

120000
CR

120000
53170
=173170-120000
CR

81700
Question 3
Kartex Ltd., a publicly accountable entity, reported the following capital structure on January 1, 20X6:
Common shares: 60,000 issued and outstanding $900,000
Class A $4 cumulative preference shares: 3,000 issued and outstanding 300,000
Class B 6% non-cumulative preference shares: 1,000 issued and outstanding 200,000
On July 1, 20X6, Kartex issued 40,000 common shares for $1,128,000. This is the first change in the issued share
capital since Kartex was incorporated in 20X1.
Dividends have not been declared since December 20X3. Kartex declared total dividends of
$227,000 on December 1, 20X6, and it paid the dividends on December 28, 20X6.

Required:
a) Determine the total amount of dividends paid to each class of shares.
b) Determine the dividend paid per common share, rounded to the nearest cent.
c) Prepare the journal entry to record the declaration of the dividends.
d) Prepare the journal entry to record the payment of the dividends.

Answer 3
(a) To calculate total dividend paid to each class of shares we need to know the total number of shares and their
value
Type of Shares Number Value total Value per share Dividend details

Remainder of declared dividend after

Common Shares 60000 900000 15 distributing it to preferred shares

Cumulative $4 per shares; =4X3000=

3000 300000 100
Preference Shares 12000$ per year
6% of value= 0.06X200000=
Non-Cumulative 1000 200000 200 12000$ for the year dividend is
Preference Shares declared

Remainder of declared dividend after

Common Shares 40000 1128000 28.2 distributing it to preferred shares
As more common shares were declared so total number of common shares is 60000+40000=100000
Type of Shares Number Dividend details Dividend Amount
$12000 per year. As no dividend declared since Dec 2013,
Cumulative 3000 so for cumulative dividend in 2016 = 36000
Preference Shares 3X12000 = 36000

Non-Cumulative 1000 As per table above it is $12000 per year 12000

Preference Shares

Remainder of declared dividend after distributing it to

Common Shares 100000 preferred shares = 179000
227000-36000-12000
227000

Hence total dividend paid per class is

Common Shares: $179000
Cumulative Preference Shares= $36000
Non-cumulative Preference Shares = $12000

(b) To calculate dividend paid per common share we need

Total number of common shares = 100000 (From part a)

Total dividend for common shares = 179000 (from part a)

Dividend per common share = 179000/100000 = $ 1.79

(c) Journal entry for declaration of dividend

December 1 2016 DR CR
Dividend Expense 227000
Dividend Payable 227000
(d) Journal entry payment of dividend
December 1 2016 DR CR
Dividend Payable 227000
Cash 227000
Question 4
Wathek Enterprises Ltd. (WEL) relies on technically trained employees who are in short supply, and
has struggled with excessive employee turnover for several years. Employee exit surveys have
indicated that although the salary paid by WEL is competitive, other companies are using stock-based
compensation plans to attract new employees. In response to this, in 20X5, WEL established a stock
option plan for all of its employees and a share appreciation rights (SARs) plan for its key personnel

Stock option plan

The stock option plan provides each employee with the option to purchase 200 common shares at
$30 per share, which was the trading price of the share on the grant date. The plan includes a vesting
period of three years; employees who leave WEL for any reason prior to the vesting date forfeit the
options. Employees may not sell the options.
On July 1, 20X5, the grant date, there were 350 employees who were eligible for the plan.
WEL expects the stock option plan will reduce turnover. At July 1, 20X5, it was estimated 80% of
options would vest. Although three employees had quit as of year end, 80% was still considered the
best estimate when the year-end financial statements were prepared on December 31, 20X5.
On the grant date, the fair value of each option was $3.50. At December 31, 20X5, the option value
was $5 per option, and by December 31, 20X6, the option value had increased to $8. During 20X6, an
additional six employees had left WEL to work for its competitors. From this information, WEL
estimated that only 75% of the total options granted would vest.

SARs
On July 1, 20X5, WEL granted 500 SARs to each of 20 key employees. The options vest on June 30,
20X8, and managers may only exercise the SARs if they are still employed by WEL at that time. The
SARs had a fair value of $10.50 on July 1, 20X5; $12.00 on December 31, 20X5; and $13.00 on
December 31, 20X6. When the SARs were granted, WEL expected that 100% of managers would
exercise the SARs, but on December 31, 20X6, it revised the expected exercise rate to 80%.
Required:
Prepare the required journal entries, if any, for July 1, 20X5, December 31, 20X5, and December 31,
20X6, for the stock option plan and the SARs plan.

Answer 4
To do journal entries for stock option plan we need to do some calculations.

Fair value of the options: As the change in fair value of option is not recognised once it is fixed as of
the value on grant date , hence fair vale of option in this case is:
Fair value of options on grant date (3.5) x number of share options to each employee (200) x number
of employees (350)
= 3.5*200*350 = 245000
 Compensation Cumulative
Date Explanation
Expense Expense

80% is expected to vest so we multiply fair value

Dec 65333 65333 (245000)*0.80*vested time period (1/3) to get
20x5 cumulative or compensation expense for 20x5

75% is expected to vest so we multiply fair value

Dec (245000)*0.75*vested time period (2/3) to get
-65333 cumulative expense . To get expense for 20x6 we
20x6 subtract given value (122500) from previous year
value (65333)= 57167

Journal entry for Stock Option plan

July 1, 20x5
No entry required for grant date. A memorandum can be made on company records
December 31 20x5 DR CR
Compensation Expense 65333
Contribution Surplus - Stock options 65333
December 31 20x6 DR CR
Compensation Expense 57167
Contribution Surplus - Stock options 57167

Answer 4
To do journal entries for SAR we need to calculate compensation expense each year as it changes
with change in value of SAR each year

Cumulative compensation = fair value of SAR x number of SAR x percentage of time in vesting period

Compensation Cumulative
Date Expense /SAR Liability Explanation

100% is expected to vest so we multiply fair value on

Dec Dec 31 20x5 (12)*number of SAR to each employee
40000 40000
20x5 (500)*number of employees (20)* percentage vested
time period (1/3) to SAR Liability 20x5
 80% is expected to vest so we multiply fair value on
Dec 31 20x6 (13)*number of SAR to each employee
Dec 29333 69333 (500)*number of employees (20)* percentage vested
20x6 time period (2/3) to get SAR Liability for 20x6. And to
get compensation expense we subtract 20x5 SAR
liability for 20x6 SAR liability = 69333-40000=29333

July 1, 20x5
No entry required for grant date.
December 31 20x5 DR CR
Compensation Expense 40000
Liability under SAR 40000
December 31 20x6 DR CR
Compensation Expense 29333
Liability under SAR 29333
 short supply, and
urveys have
e using stock-based
stablished a stock
its key personnel

mmon shares at
includes a vesting
g date forfeit the

he plan.
mated 80% of
ill considered the
r 31, 20X5.
the option value
8. During 20X6, an
mation, WEL

est on June 30,

at that time. The
$13.00 on
nagers would
to 80%.

nd December 31,

nce it is fixed as of

ee (200) x number
ply fair value
1/3) to get
e for 20x5

ply fair value

2/3) to get
e for 20x6 we
previous year

s
CR

65333
CR

57167

r as it changes

e in vesting period

iply fair value on

each employee
ercentage vested
0x5
ply fair value on
each employee
ercentage vested
y for 20x6. And to
act 20x5 SAR
33-40000=29333

CR

40000
CR

29333