JBL Aircraft manufactures and distributes aircraft parts and supplies. Employees are offered a variety of share-based compensation plans. Under its nonqualified stock option plan, JBL granted options to key officers on January 1, 2018. The options permit holders to acquire 6 million of the company's $1 par common shares for $30 within the next six years, but not before January 1, 2021 (the vesting date). The market price of the shares on the date of grant is $34 per share. The fair value of the 6 million options, estimated by an appropriate option pricing model, is $7 per option. Because the plan does not qualify as an incentive plan, JBL will receive a tax deduction upon exercise of the options equal to the excess of the market price at exercise over the exercise price. The tax rate is 40%. ts Required: 1. Determine the total compensation cost pertaining to the incentive stock option plan 2. & 3. Record the necessary journal entries on December 31, 2018, 2019, and 2020. Assume all of the options are exercised on August 21, 2022, when the market price is $35 per share. eBook Print eerences Complete this question by entering your answers in the tabs below Req 1 Req 2 and 3 Determine the total compensation cost pertaining to the incentive stock option plan. (Enter your answer in millions (i.e 10,000,000 should be entered as 10).)