Problem #8

On January 1, 2012, Alberton Company issues 2,000 shares of restricted stock to its CEO. Albertsons stock has a fair value of $20 per share on January 1, 2019. Additional information is as follows.

1. 1. The service period related to the restricted stock is five years.
   2. Vesting occurs if Smith stays with the company for a five-year period.
2. The par value of the stock is $1 per share

Record the journal entry for unearned compensation on the Grant Date (January 1, 2019) and the journal entry to record compensation expense at year end 2019 (Note: two journals required)