2-21. On January 1, 2020, Bloody Red Company issued to its chief executive officer share options for the purchase of the company's The options are ordinary share at a strike price of P50. exercisable, beginning January 1, 2023 and expire on December 31, 2024. The options may be exercised only if the officer is still in the employ of the company at the date of exercise. The share options are valued at P30 per share on January 1, 2020 based on the option-pricing model used by the company. The number of share options granted will be based on the following level of sales for the year 2022: 2-2 Level of Sales Below P30,000,000 P30,000,000 - P50,000,000 Over P50,000,000 - P70,000,000 Over P70,000,000 Number of Options Nil 10,000 shares 15,000 shares 18,000 shares Estimates of sales for 2022 were as follows: Estimate made at January 1, 2020 December 31, 2020 December 31, 2021 2022 Estimated Sa P35,000,000 52,000,000 70,000,000 Actual sales for 2022 were P75,000,000. REQUIRED: Prepare all entries in 2020 through 2022 related to the above data