Exercise 16-10 On November 1, 2017, Cheyenne Company adopted a stock-option plan that granted options to key executives to purchase 38,100 shares of the company's $10 par value common stock. The options were granted on January 2, 2018, and were exercisable options expired 6 years from date of grant. The option price was set at $40, and the fair value option-pricing model determines the total compensation expense to be $571,500 f the company. Th years after the date of grant if the grantee was still an employee All of the options were exercised during the year 2020: 25,400 on January 3 when the market price was $67, and 12,700 on May 1 when the market price was $76 a share Prepare journal entries relating to the stock option plan for the years 2018, 2019, and 2020. Assume that the employee performs services equally in 2018 and 2019. (Credit account titles are automatically indented when 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 intermediate calculations to 5 decimal places, e.g. 1.24687 and final answers to 0 decimal places, e.g. 5,125.) Account Titles and Explanation Debit Date Credit Jan. 3, 2020 May 1, 2020