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An employee of Hickory was granted an option to purchase 2,000 shares of Hickory's $7...

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Accounting

An employee of Hickory was granted an option to purchase 2,000 shares of Hickory's $7 par value common stock at $35 per share. This option was granted on January 2, 20X4. The option became exercisable on December 31, 20X6, after the employee had completed three years of service, and was exercised on that date when the market price of the Hickorys stock was $42. The fair value of the option on January 2, 20X4, was $8.50 per option. Hickorys entry to record the exercise of the stock options will include a

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