In 2020, Irene's employer, ABC Ltd., granted her stock options that allowed her to acquire 10,000 shares of the company's common stock at a price of $22 per share. On that date, the shares had a fair market value of $20 per share. On April 1, 2021, Irene exercised all these options. On that date, ABC Ltd. shares had a fair market value of $31 per share. On March 31, 2022, Irene sold the 10,000 ABC Ltd. shares at a price of $28 per share. Required: For each of the following cases, calculate the income tax consequences of the transactions that took place during 2020, 2021, and 2022 on Irene's Net and Taxable Income. If there was no impact in any year, state that. Scenario 1: ABC Ltd. is a public company. Scenario 2: ABC Ltd. is a Canadian controlled private corporation