On January 1, 2013, Bank granted 5,000 options to key executives. Each option allows the executive to purchase one share of Bank' $45 par value common stock at a price of $20 per share. The options were exercisable within a 2-year period beginning January 1, 2015, if the grantee is still employed by the company at the time of the exercise. On the grant date, Bank' stock was trading at $26 per share, and a fair value option-pricing model determines total compensation to be $250,000. On May 1, 2015, 4,100 options were exercised when the market price of Bank' stock was $32 per share. The remaining options lapsed in 2017 because executives decided not to exercise their options. Prepare the journal entry for the aforementioned