Ahlbrandt Corporation had the following stockholders$$ equity on December $31,2011$:

Common stock: authorized $250,000,000$ shares with $$\mathrm{.}01$ par value, issued and outstanding $61,766,000$ shares $ $618,000$

Additional paid$-$in capital $694,296,000$

Accumulated deficit $(162,402,000)$

Total stockholders$$ equity $$532,512,000$

In $2011$ the company approved an employee stock purchase plan that allows employees to purchase stock at $85\%$ of the fair market value. When employees participate in this plan, Ahlbrandt recognizes compensation expense in the amount of the $15\%$ discount. Compensation expense recognized in $2011$ was $$816,000.$ Assume an average market price of $$20$ per share.

Net income for the year was $$35,686,000.$ No dividends were paid.

$1)$Prepare the journal entry for the issuance of stock under the stock purchase plan in $2011.$

$2)$ At the end of $2011$ Ahlbrandt had an accumulated deficit of $($$$162,402,000).$ At the current rate of earnings, how many years will it be before Ahlbrandt could pay a dividend of $$1$ per share without exhausting retained earnings?