On January 1, 2020, Carla Vista Corp.granted stock options to its chief executive officer. This is the only stock option plan that Carla Vista offers and the details are as follows: Option to purchase: Option price per share: Fair value per common share on date of grant: Stock option expiration: 2,500 common shares $35.00 $26.80 The earlier of eight years after issuance or the employee's cessation of employment with Carla Vista for any reason other than retirement The earlier of four years after issuance or the date on which the employee reaches the retirement age of 65 $8.00 Date when options are first exercisable: Fair value of options on date of grant: On January 1, 2025, 2,000 of the options were exercised when the fair value of the common shares was $38. The remaining stock options were allowed to expire. The CEO remained with the company throughout the period. Assume that the entity follows ASPE and has decided not to include an estimate of forfeitures upon initial recognition of the compensation expense. Record the journal entry on January 1, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit January 1, 2020 Date Assume that the entity follows ASPE and has decided not to include an estimate of forfeitures upon initial recognition of the compensation expense. Record the journal entry on December 31, 2020, the fiscal year end of Carla Vista Corp. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Date December 31, 2020 Assume that the entity follows ASPE and has decided not to include an estimate of forfeitures upon initial recognition of the compensation expense. Record the journal entry on January 1, 2025, the exercise date. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date January 1, 2025 Assume that the entity follows ASPE and has decided not to include an estimate of forfeitures upon initial recognition of the compensation expense. Record the journal entry on December 31, 2027, the expiry date of the options. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Account Titles and Explanation Debit Credit Date December 31, 2027