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On January 1, 2017, Cheyenne Corporation granted 5,000 options to executives. Each option entitles the...

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Accounting

On January 1, 2017, Cheyenne Corporation granted 5,000 options to executives. Each option entitles the holder to purchase one share of Cheyennes $5 par value common stock at $50 per share at any time during the next 5 years. The market price of the stock is $69 per share on the date of grant. The fair value of the options at the grant date is $151,000. The period of benefit is 2 years.

Prepare Cheyennes journal entries for January 1, 2017, and December 31, 2017 and 2018.

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