On January 1, 2021, Timely, a publicly accountable entity, granted 25,000 sto options (valued at $550,000, in total) to its executives. The options have a two-year vesting period and expire on January 1, 2024. The strike price for the options is $25 while the market price at the grant date was $35. On December 31, 2021, Timely issued a $2,000,000, 7% bond with detachable warrants at par. Each $1,000 bond comes with a warrant valued at $80. Without the warrants, a similar bond would have been issued at 98 on the market. Required: a. Provide the journal entry(ies) associated with the stock options for fiscal 2021. b. Provide the journal entry associated with the issuance of the convertible bond. S W c. If Timely reported under ASPE, what alternative measurement approach(es) could be used to recognize the convertible bond?