On January 1, 2012, Barwood Corporation granted 5,460 options to executives. Each option entitles the holder to purchase one share of Barwood's $5 par value common stock at $50 per share at any time during the next 5 years. The market price of the stock is $75 per share on the date of grant. The fair value of the options at the grant date is $152,000. The period of benefit is 2 years. Prepare Barwood's journal entries for January 1, 2012, and December 31, 2012 and 2013. (If no entry is required, enter No Entry a s the description and O as the amount)