Olde Corporation provides an executive stock option plan. Under the plan, the company granted options on January 1, 2021, that permit executives to acquire 2 million of the company's 51 par value common shares within the next five years, but not before December 31, 2022 (the vesting date). The exercise price is the market price of the shares on the date of the grant 514 por share. The fair value of the options, estimated by an appropriate option pricing model, is 52 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. to 4. Prepare the appropriate Journal entries Complete this question by entering your answers in the tabs below. Reg1 Reg 2 to 4 Prepare the appropriate journal entries if any). (If no entry is required for a transaction/event, select "No journal entry required in the first account hield Enter your answers in mitsons de 10,000,000 should be entered as 10).) View transaction lit Journal entry worksheet Required: 1. Determine the total compensation cost pertaining to the options, assuming the fair value approach has been selected 2. to 4. Prepare the appropriate journal entries. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 to 4 Prepare the appropriate journal entries (if any). (If no entry is required for a transaction/event, select "No journal entry requir first account field. Enter your answers in millions (le, 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet Required: 1. Determine the total compensation cost pertaining to the options, assuming the fair value approach has been selecte 2. to 4. Prepare the appropriate Journal entries Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 to 4 Prepare the appropriate Journal entries (if any). (If no entry is required for a transaction/event, select "No journal entry req first account field. Enter your answers in millions (I.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet Record compensation expense for the award of options that permit executives to acquire 70 million common shares at $1 par within the next five years, but not before December 31, 2022 on December 31, 2022 when fair value of the options is $2 per option. Note: Enter debits before credits General Journal Debit Credit Date December 31, 2022 O FESTER