Jmart Corporation included the following disclosure note in a recent annual report:
RESTRICTED STOCK (in part)
we issued 100,000 shares of restricted stock at market prices ranging from $46.00 to $60.
The restricted stock generally vests over three years, during which time we will recognize total compensation expense of approximately $6 million.
Required:
1. Based on the information provided in the disclosure note, determine the weighted average market price of the restricted stock issued.
2. How much compensation expense did Jmart report for the year following the year in which the restricted stock was issued?

Question

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The Answer of Jmart Corporation included the following disclosure note in a recent annual report:
RESTRICTED STOCK (in part)
we issued 100,000 shares of restricted stock at market prices ranging from $46.00 to $60.
The restricted stock generally vests over three years, during which time we will recognize total compensation expense of approximately $6 million.
Required:
1. Based on the information provided in the disclosure note, determine the weighted average market price of the restricted stock issued.
2. How much compensation expense did Jmart report for the year following the year in which the restricted stock was issued?

Jmart Corporation Included the Following Disclosure Note in a Recent