Ming Limited has an executive stock option plan as follows: Each qualified manager will receive, on 1 January, an option for the computed number of common shares at a computed price. The number of option shares and the option price are determined by the Board of Directors, with advice from the compensation committee. The options are non-transferable. The vesting period is two years. Options can be exercised after they vest but expire six years after the date of issuance.

On 1 January 20X3, manager Ms. Smoke was given options for 1,200 shares at \(\$ 60\). She is expected to remain with the company indefinitely. Option pricing models produced a value for the option of \(\$ 30,000\) on 1 January \(20 X 3\). The market value of common shares was \(\$ 12\) at that time. Ms. Smoke exercised 1,000 of the options on 3 January 20X6 when the share price was \(\$ 88\). She did not exercise the remaining 200 options because the share price fell to \(\$ 40\) and remained there until the options expired.

Required:
Provide all entries relating to Ms. Smoke's options.