Olde Corporation provides an executive stock option plan. Under the plan, the company granted options on January 1, 2024, that permit executives to acquire 2.2 million of the company's $1 par value common shares within the next five years, but not before December 31, 2025 (the vesting date). The exercise price is the market price of the shares on the date of the grant, $12 per share. The fair value of the options, estimated by an appropriate option pricing model, is $3 per option. No forfeitures are anticipated. Ignore taxes. Required: 1. Determine the total compensation cost pertaining to the options, assuming the fair value approach has been selected. 2. & 4. Prepare the appropriate journal entries (if any). Complete this question by entering your answers in the tabs below. Req 1 Req 2 to 4 Prepare the appropriate journal entries (if any). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). View transaction list Journal entry worksheet < [1] 2 3 Record compensation expense for the award of options that permit executives to acquire 2.2 million common shares at $1 par within the next five years, but not before December 31, 2025 on December 31, 2024 when fair value of the options is $3 per option. Note: Enter debits before credits. Date December 31, 2024 General Journal Debit Credit > Journal entry worksheet 2 3 Record compensation expense for the award of options that permit executives to acquire 2.2 million common shares at $1 par within the next five years, but not before December 31, 2025 on December 31, 2025 when fair value of the options is $3 per option. Note: Enter debits before credits. Date December 31, 2025 General Journal Debit Credit Record entry Clear entry View general journal