On January 1,2024, Metlock Corporation granted 9,800 options to key executives. Each option allows the executive to purchase one share of Metlock's \$5 par value common stock at a price of \$20 per share. The options were exercisable within a 2-year period beginning January 1, 2026, if the grantee is still employed by the companyat the time of the exercise. On the grant date, Metlock's stock was trading at $26 per share, and a fair value option-pricing model determines total compensation to be $387,000. On May 1,2026,7.840 options were evercised when the market price of Metlock's stock was $31 per share. The remaining options lapsed in 2028 because executives decided not to exercise their options. Prepare the nocessary journal entries related to the stock option plan for the years 2024 through 2028. (Uist all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry' for the occount tities and enter 0 for the amounts. Record entries in the order disployed in the problem statement.)