On September 30, 2017, Stalling, Incorporated issued 2,000 shares of its publicly traded stock as compensation to its employee, Harry. On the date of issuance, the stocks fair market value was $48,000. Under the terms of his 2017 compensation contract, Harry could not dispose of the stock before October 1, 2022, and if employment with Stalling was terminated before that date, the stock is returned to the corporation. On October 1, 2022, Harry, who still worked for Stalling, sold all 2,000 shares for $73,500. Required: Assume that Harry made no election with respect to the restricted stock in 2017. How much compensation income does Harry recognize in 2022 because the restrictions lapsed? How much gain or loss is recognized on sale of the stock? Assume that Harry filed a timely election in 2017 to accelerate income recognition with respect to the 2,000 shares of restricted stock. How much compensation income does Harry recognize in 2022 because the restrictions lapsed? How much gain or loss is recognized on sale of the stock?