Question

1. On January 1, 2017, Buffalo Corporation granted 1,900 shares of restricted $5 par value common stock to executives. The market price (fair value) of the stock is $65 per share on the date of grant. The period of benefit is 2 years.

Prepare Buffalo’s journal entries for January 1, 2017, and December 31, 2017 and 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit

2. Sandhill Corporation had 141,600 shares of stock outstanding on January 1, 2017. On May 1, 2017, Sandhill issued 48,000 shares. On July 1, Sandhill purchased 9,600 treasury shares, which were reissued on October 1.

Compute Sandhill’s weighted-average number of shares outstanding for 2017.

Weighted-average number of shares outstanding

$

Answer 1