On January 1, 2020 you granted 10,000 options to your key employees. Each option entitles the employee to purchase 1 share of your $4 par value common stock at $25 per share any time during the next 4 years. On the date of grant the market price of the stock was $35 per share and the fair value of the options was $80,000. The period of benefit is 2 years. Prepare the journal entries on 1/1/20 (date of grant) and 12/31/20 (end of the first year)