On January 1, 2020, Cullumber Corporation granted 17,000 options to key executives. Each option allows the executive to purchase one share of Cullumbers common shares at a price of $20 per share. The options were exercisable within a twoyear period beginning January 1, 2022, if the grantee was still employed by the company at the time of the exercise. On the grant date, Cullumbers shares were trading at $15 per share, and a fair value options pricing model determined total compensation to be $770,000. Management has assumed that there will be no forfeitures because they do not expect any of the key executives to leave. On May 1, 2022, 5,100 options were exercised when the market price of Cullumbers shares was $27 per share. The remaining options lapsed in 2023 because executives decided not to exercise them. Management was indeed correct in their assumption regarding forfeitures in that all executives remained with the company. Assume that Cullumber follows IFRS.

Prepare the necessary journal entries related to the stock option plan for the years ended December 31, 2020 through 2023. (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 0 for the amounts.)

Prepare the necessary journal entries

1/1/20

12/31/20

12/31/21

5/1/22

12/31/23