1. Johnstown Company granted 10 officers rights to buy 10,000 shares each of common stock $2 par, at $10 per share on May 1, 2017, the grant date.The stock was selling for $8 per share at the time.The rights cannot be exercised until the beginning of 2018 and expire at the end of 2018.Compensation expense is $200,000, covering a period of 2017 and 2018.

Please help me Record the following: Dr. Cr.

May 1, 2017, the grant date, issue of the rights.

Dec. 31, 2017, compensation expense

Jul. 1, 2018, 90% of the rights were exercised, as the stock climbed to $13 per share.

Dec. 31, 2018, 10% of the rights expired.