On January 1, 2016, Asquith Company adopts a performance-based stock option plan with a four-year vesting and service period, a $35 exercise price, and a $6 per option fair value. The plan grants a maximum of 2,000 shares of $5 par common stock to each of the company's 30 executives. The number of shares that vest depends on the increase in sales during the service period, based on the following scale:

Sales Increase
at Least	No. of Shares
5%	1,000
10%	1,500
15%	2,000

Asquith estimates that sales will increase by 12% during the service period. The estimate is achieved and all options are exercised on January 1, 2020. Required: Assuming Asquith uses the fair value method to account for its stock option plan, prepare all of the journal entries over the life of Asquith's stock option plan (2016 through 2020).