Johnstown Company granted $10$ officers rights to buy $10,000$ shares each of common stock $$1$ par, at $$15$ per share on May $1,2024,$ the grant date. The stock was selling for $$10$ per share at the time. The rights cannot be exercised until the beginning of $2026$ and expire at the end of $2029.$ Compensation expense is $$90,000,$ covering a one year period of $2025.$Record the following:Dr$.$Cr$.$May $1,2024,$ the grant date, issue of the rights. Dec. $31,2025,$ compensation expense Jul. $1,2027,80\%$ of the rights were exercised, as the stock climbed to $$20$ per share. Dec. $31,2028,10\%$ of the rights expired because one officer left the company. On December $31,2029,10\%$ of the rights expired because one officer decided not to exercise the right.

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