On January 1, 2015, Gilmore Inc. granted stock options to officers and key employees for the purchase of 100,000 of the company's no par value common shares at $28 each. The options were exercisable within a five-year period beginning January 1, 2017 by grantees still in the employ of the company, and they expire December 31, 2021. The market price of Gilmore's common share was $20 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, 2015 to be $4.00.

On March 31, 2017, 60,000 options were exercised when the market value of common stock was $44 per share. The remainder of the options expired unexercised. The company has a December 31 year-end. Required:

Record the journal entries for Gilmore's stock options.