On November 1, 2022, Pharoah Corp. adopted a stock option plan that granted options to key executives to purchase 44,300 common shares. The options were granted on January 2, 2023, and were exercisable two years after the date of grant if the grantee was still a company employee; the options expire six years from the date of grant. The option price was set at $44, and total compensation expense was estimated to be $512,000. Note that the calculation did not take forfeitures into account. On April 1, 2024, 3,400 options were terminated when some employees resigned from the company. The fair value of the shares at that date was $29. All of the remaining options were exercised during the year 2025: 31,000 on January 3 when the fair value was $54, and 9,900 on May 1 when the fair value was $60 a share. Assume that the entity follows ASPE and has chosen not to reflect forfeitures in its upfront estimate of compensation expense. (a) Prepare journal entries relating to the stock option plan for the years 2023,2024 , and 2025 . Assume that the employees perform services equally in 2023 and 2024, and that the year end is December 31. (Credit account titles are automatically indented when the amount is ejtered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Round answers to 0 decimal places, e.g. 5,275. Do not round intermediate calculations.) No Entry 12/31/23 Compensation Expense 256000 Contributed Surplus - Stock Options 12/31/23 Compensation Expense 256000 Contributed Surplus - Stock Options