Hwang Company issued 50,000 shares of $ 1 par value, restricted stock to each of its five key executives on January 1, 2015. Each executive receives 10,000 shares. Hwang’s shares have a market value of $ 28 per share on the date of issue. The restricted shares require a vesting period of four years. Hwang’s year- end is December 31.
Required
a. Prepare the journal entries required for 2015 through 2018.
b. Independent of a., prepares all the journal entries for 2015 through 2018 assuming that three of the executives leave the company at January 1, 2017.