Question: On January 1 , 2 0 2 6 , Crane Inc. granted stock options to officers and key employees for the purchase of 2 0

On January 1,2026, Crane Inc. granted stock options to officers and key employees for the purchase of 20,000 shares of the company's $10 par common stock at $23 per share. The options were exercisable within a 5-year period beginning January 1,2028, by grantees still in the employ of the company, and expiring December 31,2032. The service period for this award is 2 years. Assume that the fair value option-pricing model determines total compensation expense to be $378,200.

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