On January 1, 2020,SheridanCorporation granted20,700options to key executives. Each option allows the executive to purchase one share ofSheridan's common shares at a price of $29per share. The options were exercisable within a two-year period beginning January 1, 2022, if the grantee was still employed by the company at the time of the exercise. On the grant date,Sheridan's shares were trading at $25per share, and a fair value options pricing model determined total compensation to be $750,000. Management has assumed that there will be no forfeitures because they do not expect any of the key executives to leave.

On May 1, 2022,6,210options were exercised when the market price ofSheridan's shares was $36per 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 thatSheridanfollows 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.)