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Glogg Inc. offers an incentive stock option plan to its regional managers. On January 1, 2021, options were granted for 60 million $1 par

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Glogg Inc. offers an incentive stock option plan to its regional managers. On January 1, 2021, options were granted for 60 million $1 par common shares. The exercise price is the market price on the grant date-$10 per share. Options cannot be exercised prior to January 1, 2023, and expire December 31, 2027. The fair value of the 60 million options, estimated by an appropriate option pricing model, is $5 per option. The journal entry to record the exercise of 75% of the options on March 12, 2023, when the market price is $12 per share would include a: O Debit to Paid-in capital - stock options $300 million O Debit to Paid-in capital - stock options $540 million O Debit to Paid-in capital - stock options $720 million O Debit to Paid-in capital - stock options $225 million O None of the options listed

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