1. Stock Option Entries (20 points) Schmidt Electronics Schmidt Electronics offered an incentive stock plan to its employees. On January. You options were granted for 80.000 S1 par common shares. The exercise price equals the S6 market price of the common stock on the grant date. The options cannot be exercised before wary 1 has a value of $3 (i.e. total fair market value of the went is $240.000) based upon an option pricing model What is the journal entry on the date of the grant? What is the journal entry to record compensation expense for Year 1