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On January 1, Year 1, Kiwi Computers Corp granted options to its new CEO, Morgan Price, to purchase 50,000 shares of $1.00 par value common

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On January 1, Year 1, Kiwi Computers Corp granted options to its new CEO, Morgan Price, to purchase 50,000 shares of $1.00 par value common stock for $30.00 per share. The options are exercisable after December 31, Year 3 and expire on March 31, Year 4. On the grant date, the market price of the stock was $25.00 per share. Using an acceptable valuation model, Kiwi determined that the options had a fair value of S150,000 on the grant date. The options serve as compensation for services rendered during the first three years Record the journal entry on the stock options grant date. Select the appropriate accounts from the drop-down menu in the Account column. Select "no entry" if no journal entry is required on this date. Enter the amounts in the Debit and Credit columns Account Debit Credit

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