On January 1, 2020, Baskin Inc. offered a stock option incentive plan to a top executive. The plan provided the executive 900 stock options for Baskin Inc. $5 par value, common stock at an option price of $15 per share through the expiration date of January 1, 2026. The fair value of the options based upon an option-pricing model on January 1, 2020, is $27,000. The market price at the year-end of Baskin Inc. stock is $15 per share on January 1, 2020, and $18 on December 31, 2020. The requisite service period is 3 years. The options were exercised on March 1, 2023, when the market price of the stock was $20 per share. Required a.Prepare the journal entry (if any) required on January 1, 2020. b.Prepare the adjusting journal entry required on December 31, 2020, the companys year-end. c. Prepare the journal entry required on March 1, 2023.