On November $1,2020,$ Pina Company adopted a stock$-$option plan that granted options to key executives to purchase $33,900$ shares of the company's $$10$ par value common stock. The options were granted on January $2,2021,$ and were exercisable $2$ years after the date of grant if the grantee was still an employee of the company. The options expired $6$ years from date of grant. The option price was set at $$30,$ and the fair value option$-$pricing model determines the total compensation expense to be $$508,500.$

All of the options were exercised during the year $2023$:$22,600$ on January $3$ when the market price was $$67,$ and $11,300$ on May $1$ when the market price was $$77$ a share.

Prepare journal entries relating to the stock option plan for the years $2021,2022,$ and $2023.$ Assume that the employee performs services equally in $2022$ and $2023.($Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter O for the arnounts. Round intermediate calculations to $5$ decimal places, e$.$g$.1\mathrm{.}24687$ and final answers to o decimal places, eg$.5,125.)$

Date

Account Titles and Explanation

Debit

Credit

Jan. $2,2021$

No Entry

$$

Compensation Expense

Dec $31,2022$

$\backslash$table$[[$Paid$-$in Capital$-$Stock Options$]]$

$\backslash$table$[[$Compensation Expense$]]$

Common Stock

Paid$-$in Capital in Excess of Par $-$ Common Stock

Paid$-$in Capital$-$Stock Options

$($Personal note please explain it well, im finding this topic very difficult to grasp$)$