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need the ans asap as per the requirments Thanks Questions On November 1, 2019 Crane Corp. adopted a stock option plan that granted options to
need the ans asap as per the requirments
Questions On November 1, 2019 Crane Corp. adopted a stock option plan that granted options to key executives to purchase 41,100 common shares. The options were granted on January 2, 2020, and were exerable two years after the date of grant if the grantee was still a company employee, the options expire six years from the date of grant. The option price was set at $39, and total compensation expense was estimated to be $558,000. Note that the calculation did not take forfeitures into account On April 1, 2021, 3,200 options were terminated when some employees resigned from the company. The fair value of the shares at that date was $26. All of the remaining options were exercised during the year 2032: 28.800 on January ) when the fair value was $49, and 9,100 on May 1 when the fair value was $55 a share. Assume that the entity follows Aspe and has chosen not to reflect forfeitures in its upfront estimate of compensation expense (a) Prepare journal entries relating to the stock option plan for the years 2020, 2021, and 2022. Assume that the employees perform services equally in 2020 and 2021, and that the year and is December 31, (dit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is requires select "No Entry for the account the and enter for the amounts. Round answers to a decimal place ca.27. Do not found intermediate calculations.) Bate Accountities and Explanation Debit Credit 12/20 12/31/20 (To record compensation pense for 2020) 12: (to record termination of stock options held by resigned employees.) 12/3121 4/1/21 (To record termination of stock options held by resigned employees.) 12/31/21 (To record compensation expense for 2021) 1/3/22 (To record sunce of 28,800 shares upon exercise of options at option price of $39) 5/1/22 (To recordance of 9,100 shares upon exercise of remaining options at option price of $39) Thanks
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