On January $1,2024,$ Goncalves, Inc. issued a total of $1,000$ shares of $$10$ par, restricted common stock to five executives. The fair value of the shares of stock on January $1,2024$ is $$60$ per share. The restricted shares require a vesting period of $3$ years, which is the requisite service period, and no forfeitures are anticipated.

Required:

Prepare the journal entry $($if any$)$ required on January $1,2024.$

Prepare the adjusting entry required $($if any$)$ on December $31,2024.$