Cullumber Company adopted a stock-option plan on November 30, 2019, that provided that 67,900 shares of $5 par value stock be designated as available for the granting of options to officers of the corporation at a price of $8 a share. The market price was $13 a share on November 30, 2020. On January 2, 2020, options to purchase 26,100 shares were granted to president Tom Winter13,800 for services to be rendered in 2020 and 12,300 for services to be rendered in 2021. Also on that date, options to purchase 13,200 shares were granted to vice president Michelle Bennett6,600 for services to be rendered in 2020 and 6,600 for services to be rendered in 2021. The market price of the stock was $13 a share on January 2, 2020. The options were exercisable for a period of one year following the year in which the services were rendered. The fair value of the options on the grant date was $5 per option. In 2021, neither the president nor the vice president exercised their options because the market price of the stock was below the exercise price. The market price of the stock was $7 a share on December 31, 2021, when the options for 2020 services lapsed. On December 31, 2022, both president Winter and vice president Bennett exercised their options for 12,300 and 6,600 shares, respectively, when the market price was $15 a share. Prepare the necessary journal entries in 2019 when the stock-option plan was adopted, in 2020 when options were granted, in 2021 when options lapsed, and in 2022 when options were exercised