At the beginning of 2018, Dogbert, Inc. adopted a stock option plan for key employees. Under the plan, options are exercisable beginning four years after the grant date for a maximum of six years. On 1/1/18, Dogbert granted 120,000 options with an exercise (strike) price of $20 when the market price for Dogberts $1 par value common shares was $20 per share. At that point in time, 110,000 options were expected to vest. Using the Black-Scholes Option Pricing Model, the fair value of each option was $4 as of 1/1/18. At the beginning of 2020, an unexpected number of executives departed, resulting in a decrease in the expected number of options to vest. The new estimate on 1/1/20 was 95,000 options. On 3/17/22, 50,000 options were exercised when the market price of Dogberts stock was $25.

Required - Prepare any necessary journal entries for 2018 - 2022 related to these stock options using the fair value approach, ignore taxes.