On January 1, 2020, Bridgeport Corporation granted 5,300 options to executives. Each option entitles the holder to purchase one share of Bridgeports $5 par value common stock at $50 per share at any time during the next 5 years. The market price of the stock is $68 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 Bridgeports journal entries for January 1, 2020, and December 31, 2020 and 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)