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