On January 1, 2020, Barwood Corporation granted 5,000 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 $65 per share on the date of grant. The fair value of the options at the grant date is $150,000. The period of benefit is 2 years. Prepare Barwood's journal entries for January 1, 2020, and December 31, 2020 and 2021. 1. Record the journal entry on January 1, 2020 [Select] [Select] Accounts Journal Entry Debit [Select] 2. Record the journal entry on December 31, 2020 [Select] Credit Journal entry Accounts Debit Credit [Select] [Select] [Select] [Select] 3. Record the journal entry on December 31, 2021. Journal Entry Debit Credit Accounts [Select] [Select] [Select] [Select]