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McQueen, Inc. grants 200,000 stock options to Robert Chalmers, the CEO, on January 1, 2008. The par value of McQueen's common stock is $1. The exercise price on the options is $35 per share, and the options are exercisable in five years. The stock price on January 1, 2008 is $31 per share. Using the Black-Scholes option pricing model, the value of each option is estimated to be $15.50 at the date of grant.

Required: Give the journal entry McQueen would make with regard to these options on 12/31/2008.

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