An employee is offered the opportunity to contribute 10% of their annual salary of $3000 across the next 2 years to a plan under which they receive share options. The employee’s accumulated contributions to the plan may be used to exercise the options at the end of the 2-year period. The estimated annual expense for this share-based payment arrangement is $200.

Required 

Prepare the necessary journal entry or entries to recognise this arrangement at the end of the first year.