On January 1, 2021, when the shares of a company were being sold on the market at $50 per share, the company granted 100,000 restricted shares to several executives. The restriction would be lifted on December 31, 2025. At the beginning of 2024, 10% of executives resigned from the company.

REQUIRED:

1. Prepare the journal entries on January 1, 2021 and December 31, 2023.

2. Prepare the journal entries for December 31, 2024 and 2025.