19-7 (Algo) Performance option plan [LO19-2] LCI Cable Company grants 2.0 million performance stock options to key executives at January 1, 2021. The options entitle executives to receive 2.0 million of LCI $1 par common shares, subject to the achievement of specific financial goals over the next four years. Attainment of these goals is considered probable initially and throughout the service period. The options have a current fair value of $16 per option. Required: 1. Prepare the appropriate entry when the options are awarded on January 1, 2021. 2. Prepare the appropriate entries on December 31 of each year 2021-2024. 3. Suppose at the beginning of 2023, LCI decided it is not probable that the performance objectives will be met. Prepare the appropriate entries on December 31 of 2023 and 2024. Journal entry worksheet < 1 2 Record the grant of 2 million performance stock options when the options have a fair value of $16 per option as on January 01, 2021. Note: Enter debits before credits. Event 1 General Journal Debit Credit Journal entry worksheet < 1 2 Record the entry that would be made on December 31 of 2021, 2022, 2023 and 2024. Note: Enter debits before credits. Event 2 General Journal Debit Credit Journal entry worksheet < 1 2 Prepare any necessary entry on December 31, 2023 assuming that it is not probable that the performance objectives will be met. Note: Enter debits before credits. Event 1 General Journal Debit Credit > 1 2 Prepare any necessary entry on December 31, 2024 assuming that it is not probable that the performance objectives will be met. Note: Enter debits before credits. Event 2 General Journal Debit Credit