2. Assume that the options were exercised when the market price of common shares is $44. Provide the entry for exercise. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet Transaction General Journal 1 1 Cash Contributed capital: stock rights outstanding 3. Assume that the options were allowed to lapse when the price of common shares is $16. Provide the entry for the lapse. (If n is required for a transaction/event, select "Nojournal entry required" in the first account field.) View transaction list View journal entry worksheet NO Transaction General Journal Debit Credit 1 552,000 Contributed capital: stock rights outstanding Contributed capital: lapse of rights 552.000 TR15-5 Options (LO 15-5) Pont Chemical Remediation Ltd. issued options in 20X6 allowing the holder to acquire 230,000 common shares in 5 years' time at an acquisition price of $20 per share. Using an option pricing model, the options are valued at $552,000. The options were issued for consulting and promotion work done, tasks that are not easily valued. Required: 1. Provide the joumal entry to record the transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet NO Transaction General Journal Debit Credit es 1 1 552,000 Consulting/promotion expense Contributed capital: stock rights outstanding 552.000