On January 1, 2020 (the date of grant), issues 1,600 shares of restricted stock to its executives. The fair value of these shares is $84,000, and their par value is $8,000. The stock is forfeited if the executives do not complete 3 years of employment with the company. Prepare journal entries for January 1, 2020, and on December 31, 2020, assuming the service period is 3 years. Date Account Titles and Explanation Debit Credit