On June 1,2008,Will Oldman,treasurer of A-One Corporation,received an option to purchase 2,000 shares of A-One $5 par value common stock for $20 per share any time during 2009 or 2010.Oldman exercised his option on May 14,2009.The market price of the stock was $20 per share on June 1,2008,and $25 per share on May 14,2009.Provide the entry in journal form to record the exercise of the option on A-One's books.Show computations.(Omit explanation.)
Definitions:
Consumer's Budget
The financial constraint or limit on the amount of goods and services a consumer is able to purchase, based on their income and the prices of goods and services.
Inelastic
Describes a situation where the demand or supply for a good or service is relatively unaffected by changes in price.
Price Elasticity of Demand
A measure of how responsive the quantity demanded of a good is to a change in its price, often used to gauge the relative change in demand as a result of price fluctuations.
Soccer Balls
Spherical balls designed and used specifically for the sport of soccer.
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