Martinez Audio Visual Incorporated offers an incentive stock option plan to its regional managers. On January 1, 2024, options were granted foi 8 million $1 par common shares. - The exercise price is the market price on the grant date- $6 per share. - Options cannot be exercised prior to January 1, 2026, and expire December 31, 2030. - The fair value of the 8 million options, estimated by an appropriat option pricing model, is $1 per option. Required: 1. Determine the total compensation cost pertaining to the incentive stock option plan. 2. to 5. Prepare the appropriate journal entries to record compensation expense on December 31, 2024 and 2025. Prepare the appropriate journal entry to record the exercise of 75% of the options on March 12, 2026, when the market price is $7 per share and the entry on December 31,2030, when the femaining options that have vested expire without being exercised. Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare the appropriate fournal entries to record compensation expense on December 31, 2024 and 2025. Prepare the appropriate journal entry to record the exercise of 75% of the options on March 12, 2026, when the market price is $7 per share and the entry on December 31,2030 , when the remaining options that have vested expire without being exercised. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account neld. Enter your. ariswers in militions (i.e., 10,000,000 should be entered as 10). Complete this question by entering your answers in the tabs below. Prepare the appropriate journal entries to record compensation expense on December 31, 2024 and 2025. Prepare the appropriate journal entry to record the exercise of 75% of the options on March 12, 2026, when the market price is $7 per share and the entry on December 31,2030 , when the remaining options that have vested expire without being exerclsed. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (1.e., 10,000,000 should be entered as 10)