B. At January 1, 2021, Fabulous Footware prants 20 million options to key executives The options permit recipients to acquire 20 million of the company's $1 par common shares within the next eight years, but not before December 31, 2024 (vesting date). The exercise price is the market price of the shares on the date of grant, $70. The fair value of the options, estimated by an appropriate option pricing model, is $16 per option. Fabulous estimates that 10% of options will be forfeited before they vest. Fabulous follows the practice of adjusting the grant date calculation of fair value of the options to reflect expected forfeiture. At the beginning of 2023, Fabulous alters its estimate of forfeitures to 6%. The 6% estimate remains in place through 2024. On June 22, 2027, when the market price per share of Fabulous common is $91, all options are exercised. Required for B: Provide all necessary journal entries