Cullumber Corp., a public company, adopted a stock option plan on November 30, 2020, that designated 70,000 common shares as available for the granting of options to officers of the corporation at an exercise price of $8 a share. The market value was $12 a share on November 30, 2020. On January 2, 2021, options to purchase 28,500 shares were granted to President Don Pedro: 15,500 for services to be rendered in 2021, and 13,000 for services to be rendered in 2022. Also on that date, options to purchase 18,000 shares were granted to Vice-President Beatrice Leonato: 9,000 for services to be rendered in 2021, and 9,000 for services to be rendered in 2022. The shares market value was $14 a share on January 2, 2021. The options were exercisable for a period of one year following the year in which the services were rendered. On January 2, 2021, the value of the options was estimated at $400,000. In 2022, neither the president nor the vice-president exercised their options because the shares market price was below the exercise price. The shares market value was $7 a share on December 31, 2022, when the options for 2021 services lapsed. On December 31, 2023, both the president and vice-president exercised their options for 13,000 and 9,000 shares, respectively, when the market price was $16 a share. The companys year end is December 31. Prepare the necessary journal entries in 2020 when the stock option plan was adopted, in 2021 when the options were granted, in 2022 when the options lapsed, and in 2023 when the options were exercised. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)

Date	Account Titles and Explanation	Debit	Credit
November 30, 2020
January 2, 2021
December 31, 2021
	(To record compensation expense attributable to 202124,500 options.)
December 31, 2022
	(To record compensation expense attributable to 202222,000 options.)
December 31, 2022
	(To record lapse of presidents and vice-presidents options to buy 24,500 shares.)
December 31, 2023
	(To record issuance of 22,000 common shares upon exercise of options at $8.)