Lake Lodge issued $72$ comma $000$at$-$the$-$money stock options to its management on January$1,2023.$ These options vest on January$1,2026.$ Windy $$Lake$\text{'}$s share price was $ $10$ on the grant date and $ $11$ on the vesting date. Estimates of the fair value of the options showed that they were worth $ $4$ on the grant date and $ $9$ on the vesting date. On the vesting$$ date, management exercised all $72$ comma $000$ options. Windy Lake has a December $31$ year$-$end.Lake Lodge issued $72,000$ at$-$the$-$money stock options to its management on January $1,2023.$ These

options vest on January $1,2026.$ Windy Lake's share price was $$10$ on the grant date and $$11$ on the

vesting date. Estimates of the fair value of the options showed that they were worth $$4$ on the grant date

and $$9$ on the vesting date. On the vesting date, management exercised all $72,000$ options. Windy Lake

has a December $31$ year$-$end.

a$.$ Begin by preparing any entry required at December $31,2023$

b$.$ Next, prepare any adjusting entry required on December $31,2024.$

c$.$ Prepare any adjusting entry required on December $31,2025$

d$.$ Prepare the entry to record the exercise of options on January $1,2026.$