IT Solutions Ltd has a cashsettled SARs program for employees. These employees will receive a cash payment after five years of service, calculated as the excess of share price over $ In early X employees in total are granted units in the program.

The fair value of one SARs unit is estimated at $ at the end of X $ at the end of X and $ at the end of X Estimated retention is at the end of X at the end of X and at the end of X The payment is made at the end of X

Required:

Provide the journal entry to be recorded with respect to the SARS program at the end of XX and XIf no entry is required for a transactionevent select No journal entry required\" in the first account field. Do not round intermediate calculations.