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| Sydney Corporation granted 1,000 stock options to its employees on January 1, year 1, for services performed during year 1 and year 2. At the date of the grant, the fair value of the stock options is $6,000. The options are exercisable on January 1, year 3, and expire on June 30, year 3. On July 1, year 3, it was determined that none of the options were exercised. On December 31, year 3, Sydney Corporation should A. Record $6,000 of compensation expense in year 3. B. Not adjust or reverse compensation expense. C. Make a prior period adjustment to retained earnings for compensation expense recognized in year 1 and year 2. D. Restate its financial statements for year 1 and year 2 and reduce compensation expense for each year. |