Brief Exercise 16-6 On January 1, 2014, Barwood Corporation granted 5,280 options to executives. Each option entitles the holder to purchase one share of Barwoods $5 par value common stock at $50 per share at any time during the next 5 years. The market price of the stock is $69 per share on the date of grant. The fair value of the options at the grant date is $152,500. The period of benefit is 2 years. Prepare Barwoods journal entries for January 1, 2014, and December 31, 2014 and 2015.