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Pina Company adopted astock-option plan on Novernber 30, 2019, that provided that 70,500 shares of 55 parvalue stock be designated as available for the granting
Pina Company adopted astock-option plan on Novernber 30, 2019, that provided that 70,500 shares of 55 parvalue stock be designated as available for the granting of options to-officers of the corporation at a price of 59 a share. The market price was $11 a share on Nowember 30,2020 On January 2,2020, options to purchase 28,200 shareswere granted to precident Tom Winter-15, 600 for services to be rendernd in 2020 and 12.600 for services to be rendered in 2021. Also on that date, options to purchase 13,700 shares wece granted to vice president Michelle Eennett-6.850 for services to be rendered in 2020 and 6.8 for services to be rendered in 2021 . The markat price of the stock was 515 a share on January 2. 2020. The options were exercisable for a period of ore year following the year in which the services were rendered. The fair value of the options on the grant date was 5 i per opticin In 2021, neither the president nor the vice president esercised their options because the market price of the stock was below the exercise price, The market price of the stockwas $8 a share on Dececnter 31,202 t. When the options for 2020 services lapsed On December 31, 2022, both president Winter and vice prenident Bennett exercised their options for 12.300 and 6.850 shares. respoctively. when the market price was $15 a share Prepare the necessary journal entries in 2019 when the stock-option plan was adopted, in 2020 when options were oranted, in 2021 When options lapsed, and in 2022 when options were exercised (Credit occourit ticles are automstically indented when amount is extmed Do not indent manually. if no entry is required, select "No Entry" for the occount tities and enter ofor the anounts. 6.25/10=
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