On January 1, 2021, Unbelievable Golf Inc. granted stock options to various employees for past service. The options, which vested immediately and expired in four years, entitled the employees to purchase 50,000 no par value common shares for $27 each. The market price of Unbelievable common shares at grant date was $27. Using the Black–Scholes option pricing model, the company estimated the fair value of the options to be $250,000. 

On May 31, 2021, 30,000 of the options were exercised when the market value of the shares was $32; the balance was exercised on June 30, 2021, when the market value was $31. 

Required: 

Record all required journal entries for Unbelievable Golf ’s stock options.