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On January 1, 2014 (the date of grant), Lutz Corporation issues 2,780 shares of restricted...

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Accounting

On January 1, 2014 (the date of grant), Lutz Corporation issues 2,780 shares of restricted stock to its executives. The fair value of these shares is $78,300, and their par value is $11,400. The stock is forfeited if the executives do not complete 3 years of employment with the company. Prepare journal entries for January 1, 2014, and on December 31, 2014, assuming the service period is 3 years.

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