Joey Ltd, a company whose principal interests were in the manufacture of fine leather shoes and handbags, was formed on 1 January 2017. Prior to the 2020 period, Joey Ltd had issued 110,000 ordinary shares:

• 95,000 $30 shares were issued for cash on 1 January 2017
• 10,000 shares were issued for cash on 13 November 2019 for $50 per share.

At 1 January 2020, Joey Ltd had a credit balance in its retained earnings account of $750,000, while the general reserve had a credit balance of $240,000. The purpose of the general reserve is to reflect the need for the company to regularly replace certain of the shoe-making machinery to reflect technological changes.

On 1 December 2020, the company issued 150,000 options for 25 cents each. Each option entitles the holder to purchase one ordinary share in the company at an exercise price of $60 per share. The options must be exercised by 31 December 2021. As at 31 December 2020, no options had been exercised. What is the journal entry to record the issue of the options?