Cornerstone Corp., a public company, adopted a stock option plan on November 30, 2020, that designated 100,000 common shares as available for the granting of options to officers of the corporation at an exercise price of $10.00 per share. The options were exercisable for a period of one year following the year in which the services were rendered. On January 1, 2021, options to purchase 35,000 shares were granted to the President which had a total fair value of $507,500: 25,000 options for services to be rendered in 2021 (Expiry: Dec 31, 2022) 10,000 for services to be rendered in 2022 (Expiry: Dec 31, 2023) The market value of the company's shares has been provided as follows: Date Market Value Per Share Nov 30, 2020 $12.00 Jan 02, 2021 $14.00 Dec 31, 2022 $7.00 Dec 31, 2023 $16.00 In 2022, the President did not exercise their options because the shares' market price was below the exercise price. On December 31, 2023, the President exercised their options for 10,000 shares. The company's year end is December 31. For efficiency, you may use copy (Ctrl + C) and paste (but paste as 'plain text') (Ctrl- Shift+V) to save time. If you accidentally delete something in the response box, undo the action by pressing Ctrl+Z (on a PC) or Command + Z (on a Mac).