Katus Motor Company initiated a share-appreciation rights plan on January 1, 2022, by granting 36,000 rights to its key executives. The vesting period is 3 years, and the SARS cannot be exercised before January 1, 2025. The plan also expires on January 1, 2026. The closing fair values of the SARS for the years ended December 31, 2022, through 2024 are presented in the following table. (Click the icon to view the table.) The SARS are all exercised on January 1, 2025, when the market price of a share of common stock is $36. Read the requirements. First, complete the table below to calculate the fair value of the SARS at each date. (Enter the percent vested to three decimal places, X.XXX%. Round your answers to the nearest whole dollar. Use parentheses or minus sign for a reduction in the expense accrued. Enter "0" for any zero amounts.) Fair Value Total Percent Cumulative Expense Expense Accrued in Date per SAR Fair Value Vested to be Accrued Current Year December 31, 2022 % December 31, 2023 % December 31, 2024 % January 1, 2025 % Requirement a. Prepare the journal entries necessary to record the SAR plan assuming that the executives receive cash. (Record debits first, then credits. Exclude explanations from any journal entries.) First, prepare the journal entry to record the compensation expense and the related liability for the year 2022. Account December 31, 2022 Now, prepare the journal entry to record the compensation expense and the related liability for the year 2023. Account December 31, 2023 Next, prepare the journal entry to record the compensation expense and the related liability for the year 2024. Account December 31, 2024 Finally, record the journal entry when the executives exercise the SARS and Katus pays the obligation. Account January 1, 2025 Requirement b. Prepare the journal entries as if the plan specified that the SARS would be settled with its $1 par value common stock. (Record debits first, then credits. Exclude explanations from any journal entries.) First, prepare the journal entry to record the compensation expense for the year 2022. Account December 31, 2022 Now, prepare the journal entry to record the compensation expense for the year 2023. Account December 31, 2023 Next, prepare the journal entry to record the compensation expense for the year 2024. Account December 31, 2024 Next, prepare the journal entry to record the compensation expense for the year 2024. Account December 31, 2024 Finally, record the journal entry when the executives exercise the SARS and Katus pays the obligation. Account January 1, 2025 below to calculate Use parentheses Fair Value per SAR the rnal entry Fair Value 2 decimal places, X.XXX%. Rou amounts.) Date December 31, 2022 $ December 31, 2023 5 December 31, 2024 9 January 1, 2025 9 Requirements a. Prepare the journal entries necessary to record the SAR plan assuming that the executives receive cash. b. Prepare the journal entries as if the plan specified that the SARS would be settled with its $1 par value common stock. Print Done - bits first, then