Date Jary 1, 2021 ember 31, 2021 Account Titles and Explanation Debit Credit No Entry No Entry Compensation Expense 233295 Notes Payable ember 31, 2022 v Compensation Expense ember 31, 2023 v ary 1, 2024 V ember 31, 2024 Accounts Payable Compensation Expense Cash Common Shares 191360 1554000 233295 191360 555000 999000 On January 1, 2021, Sheffield Property Management Inc. introduced a stock-based compensation plan for its senior executives. The company has a December 31, 2021 year-end and the following events occurred: January 1, 2021-The company issued 333.000 options to senior management executives for the purchase of shares at $9/ share. The fair value of the options using an options pricing model is $2,331,000. Options vest over a three-year period and it is estimated that 90% of the options will vest. At the end of 2024, any unexercised options will expire. December 31, 2021 - Management now estimates that 85% of the options will vest. December 31, 2022 - Management now estimates that 80% of the options will vest. January 1, 2024-111,000 options are exercised when the market price is $14/share. Record the journal entries associated with the above transactions including any necessary entry at December 31, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)