Explanation:
The Journal entry is given below:-
A 1. On 1 January 2020  
     Unearned compensation Dr,                           $445,000  
              To Common stock (8,900 × $10)                          $89,000
              To Paid-in Capital in Excess of Par -common stock  $3,56,000
(Being the restricted stock is recorded)
2. On 31 December 2021
     Compensation expenses Dr, ($445,000 × 1÷5)    $89,000
                  To Unearned compensation                                           $89,000
(Being the restricted stock is recorded)
B On 25 July 2024
       Common stock                                                      $89,000
        Paid-in Capital in Excess of Par -common stock	$356,000
                    To compensation expenses                                          $356,000
                    To  unearned compensation                                          $89,000
(Being the forfeiture is recorded)