On October $15,2023,$ the board of directors of Martinez Materials Corporation approved a stock option plan for key executives. On

January $1,2024,32$ million stock options were granted, exercisable for $32$ million shares of Martinez's $$1$ par common stock.

The options are exercisable between January $1,2027,$ and December $31,2029,$ at $80\%$ of the quoted market price on January $1,$

$2024,$ which was $$30.$

The fair value of the $32$ million options, estimated by an appropriate option pricing model, is $$6$ per option.

Martinez chooses the option to recognize forfeitures only when they occur.

Ten percent $(3\mathrm{.}2$ million$)$ of the options were forfeited when an executive resigned in $2025.$

All other options were exercised on July $12,2028,$ when the stock's price jumped unexpectedly to $$34$ per share.

Required:

When is Martinez's stock option measurement date?

Determine the compensation expense for the stock option plan in $2024.($Ignore taxes.$)$

Prepare the journal entries to reflect the effect of forfeiture of the stock options on Martinez's financial statements for $2025$ and

Prepare the journal entry to account for the exercise of the options in $2028.$

Complete this question by entering your answers in the tabs below.

& $2.$ When is Martinez's stock option measurement date? Determine the compensation expense for the stock option plan in

$($Ignore taxes.$)$

Note: Enter your answer in millions $($i$.$e$.,10,000,000$ should be entered as $10).$