On September $30,2018,$ Stalling, Incorporated issued $2,000$ shares of its publicly traded stock as compensation to its employee, Harry. On the date of issuance, the stock$$s fair market value was $$47,500.$ Under the terms of his $2018$ compensation contract, Harry could not dispose of the stock before October $1,2023,$ and if employment with Stalling was terminated before that date, the stock is returned to the corporation. On October $1,2023,$ Harry, who still worked for Stalling, sold all $2,000$ shares for $$72,500.$Required:Assume that Harry made no election with respect to the restricted stock in $2018.$ How much compensation income does Harry recognize in $2023$ because the restrictions lapsed? How much gain or loss is recognized on sale of the stock?Assume that Harry filed a timely election in $2018$ to accelerate income recognition with respect to the $2,000$ shares of restricted stock. How much compensation income does Harry recognize in $2023$ because the restrictions lapsed? How much gain or loss is recognized on sale of the stock?