On January$1,2023,$ Gorsbridge Inc. granted stock options to officers and key employees for the purchase of $250$ comma $000$ of the$$ company's no$-$par value common shares at $ $20$ each. The options were exercisable between January$1,2025,$ and December $31.2029,$ by grantees still employed by the company. The market price of Gorsbridge's common share was $ $15$ per share at the date of grant. Using the$$ Black$-$Scholes option pricing$$ model, the company estimated the value of each option on January$1,2023,$ to be $ $5\mathrm{.}50.$

On March$31,2025,200$ comma $000$ options were exercised when the market value of the$$ company's common shares was $ $28$ per share. The remainder of the options expired unexercised. The company has a December $31$ year$-$end.

Required

Record the journal entries for Gorsbridge's stock options.

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Part $1$

Begin by preparing any entry required at December$31,2023.($Record debits$$ first, then credits. Explanations are not required. If no entry is$$ required, select$"$No entry$$ required" on the first line of the Accounts column and leave all other cells$$ blank.$)$

Date

Accounts

Debit

Credit

December $31,2023$