Assume that Apex Solutions has a stock-option plan for top management. Each stock option represents the right to purchase a share of Apex $1 par value common stock in the future at a price equal to the fair value of the stock at the grant date. Apex has 5,000 stock options outstanding, which were granted at the beginning of 2021. The following data relate to the option grant. Exercise price for options $40 per share Market price on grant date (1/1/2021) $40 per share Fair value of options on grant date (1/1/2021) $6 per option Service period years Required: (a) Prepare journal entries for the first year of the stock-option plan. (b) Assume that rather than options, 700 shares of restricted stock were granted at the beginning of 2020. Prepare journal entries for the first year of the plan.