Current Attempt in Progress

On July $1,2024,$ Flounder Company adopted a stock option plan that granted options to key executives to purchase $112,000$ shares of the company's $$1$ par value common stock. The options were granted on January $1,2025,$ and were exercisable $3$ years after the date of grant if the grantee was still an employee of the company. The options expired $4$ years from date of grant. The option price was set at $$69,$ and the fair value option pricing model determines the total compensation expense to be $$660,000.$

All of the options were exercised February $1,2028,$ when the market price was $$77$ a share

Prepare journal entries relating to the stock option plan for the years $2024$ through $2028.$ Assume that the employee performs services equally in $2025,2026$ and $2027.($Credit account titles are automatically indented when amount is entered. Do not indent monually. If no entry is required, select $"$No Wytry$"$ for the account titles and enter ofor the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.$)$

Date

Account Titles and Explanation

Debit

Credit