Akron Enterprises, Inc. granted employee stock options on January 2, 2022, to acquire 69,000 shares of $1.70 par value common stock with an exercise price of $5.60 per share. The market price on January 2, 2022, was also $5.60 per share, so there is no intrinsic value on the date of the grant. Employees must complete a 2-year service (vesting) period in order to exercise the options. The options will expire after a 5-year period (total option) period. The estimated fair value of the options using the Black-Scholes option-pricing model is $9.80 per option for a total of $676,200 (69,000 options $9.80 per option). The company estimates that 10% of the options will be forfeited. The number of options forfeited in 2022 was 2.500 and in 2023 was 28,000. The options are equity-classified awards. Assume that Akron chooses to adjust. the fair value for the estimated forfeitures. Determine the amount and allocation of the stock-based compensation expense for the years 2022 and 2023, and prepare the necessary journal entries. X Description Common stock at par value Expected compensation expense Multiply by Cumulative compensation expense 2022 2023