On November 1, 2014, Olympic Company adopted a stock-option plan that granted options to key executives to purchase 61,500 shares of the companys $12 par value common stock. The options were granted on January 2, 2015, 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 $40, and the fair value option-pricing model determines the total compensation expense to be $817,500. All of the options were exercised during the year 2017: 46,125 on January 3 when the market price was $68, and 15,375 on May 1 when the market price was $79 a share. Prepare journal entries relating to the stock-option plan for the years 2015, 2016, and 2017. Assume that the employee performs services equally in 2015 and 2016. (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 0 for the amounts.)

1/2/15

12/31/15

12/31/16

1/3/17

5/1/17