16. On July 1,2024 , Hooker Financial Corporation granted 50,000 options to key executives. Each option allows the executive to purchase one share of Hooker's $1 par value common stock at a price of S58 per share. The options were exercisable within a 2-year period beginning July 1,2026 , if the grantec is still employed by the company at the time of the exercise. On the grant date. Hooker's stock was trading at $50 per share, and a fair value option-pricing model determines total compensation to be $350,000. On July 1, 2026, 35,000 options were exercised when the tmarket price of Hooker's stock was $65 per share. The remaining options lapsed in 2028 because executives decided not to exercise their options. Prepare the necessary journal entries related to the stock option plan for the years 2024 through 2028. Inswer: 16.) On July 1, 2024, Hooker Financial Corporation granted 50,000 options to key executives. Each option allows the executive to purchase one share of Hooker's \$1 par value common stock at price of $58 per share. The options were exercisable within a 2-year period beginning July 1, 2026 if the grantee is still employed by the company at the time of the exercise. On the grant dat Hooker's stock was trading at $50 per share, and a fair value option-pricing model determines tot compensation to be $350,000. On July 1,2026,35,000 options were exercised when the mark price of Hooker's stock was $65 per share. The remaining options lapsed in 2028 becau executives decided not to exercise their options. Prepare the necessary journal entries related the stock option plan for the years 2024 through 2028