On 1 July 2021, OZ Ltd grants 20 share options to each of its 100 employees working in the sales department. The share options will vest on 30 June 2023 subject to the condition that the volume of sales of product A increases by an average of 10% over the two years. At the grant date, the estimated fair value of the share options is $13 per option. For the year ended 30 June 2022, product A sales increased by 11%, eight employees have left and it is expected that another six will leave during the next financial year. For the year ended 30 June 2023, product A sales increased by 12%; therefore, the share options will vest. Nine employees left during the year before the share options vested. 

Required 

a) Record these events in the general journal of OZ Ltd in accordance with the requirement of AASB 2 ‘Share-based Payment’. 

b) Prepare an appropriate memorandum outlining the disclosures that will need to be made in OZ Ltd’s financial statements following the adoption of AASB 2 ‘Share-based Payment'. please show the working also