Milo Co. had 725,000 shares of common stock outstanding as of January 1. On May 1, they issued 120,000 shares of common stock. On September 1, Milo Co. purchased 65,000 shares of treasury stock. On November 1, they issued 56,000 shares of common stock. Calculate the weighted average shares outstanding for the year. On November 1, 2014, Columbo Company adopted a stock-option plan that granted options to key executives to purchase 30,000 shares of the company's $10 par value common stock. The options were granted on January 2, 2015, and were exercisable 2 years after the date of grant if the grantee was still an employee of the company. The options expired 6 years from date of grant. The option price was set at $40, and the fair value option-pricing model determines the total compensation expense to be $450,000. On January 3, 2017, 20,000 options were exercised when the market price was $67. Prepare journal entries relating to the stock option plan on the following dates. Assume that the employee performs services equally in 20 15 and 2016. On January 2, 2015; On December 31, 2015; On January 3, 2017 On January 2, 2015: Dr. Cash 300,000 Cr. Common Stock 300,000 On December 31, 2015: Dr. Compensation Expense 225,000 Cr. PIC - Stock Options 225,000 On January 3, 2017: Dr. Cash 200,000 Dr. PIC Stock Options 900,000 Cr. Common Stock 800,000 Cr. PIC - Common Stock 300,000 On January 2, 2015: Dr. Cash 300,000 Cr. Common Stock 300,000 On December 31, 2015: Dr. Compensation Expense 225,000 Cr. PIC - Stock Options 225,000 On January 3, 2017: Dr. Cash 800,000 Dr. PIC - Stock Options 300,000 Cr. Common Stock 200,000 O On January 2, 2015: No Entry On December 31, 2015: Dr. Compensation Expense 225,000 Cr. PIC - Stock Options 225,000 On January 3, 2017: Dr. Cash 800,000 Dr. PIC Stock Options 300,000 Cr. Common Stock 200,000 Cr. PIC - Common Stock 900,000 On January 2, 2015: No entry. On December 31, 2015: Dr. Compensation Expense 225,000 Cr. PIC - Stock Options 225,000 On January 3, 2017: Dr. Cash Dr. PIC - Stock Options Cr. Common Stock Cr. PIC - Common Stock 200,000 900,000 800,000 300,000