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D Question 7 40 pts Problem 2: (Show all supporting computations) On January 15% of Year 1. Kitty's Komer Stores, Inc., granted 30,000 options to acquire 30,000 shares of $2 par value common stock at an exercise price of $36 per share. The options vest in three years on January 1" of Year 4 and expire on January 1" of year 11. A binomial option pricing model was used to determine the fair value of the award resulting in a value of 512 per share. Kitty's uses the expected forfeiture rate method. The initial expected forfeiture rate is 0% or the vesting probability is 100% REQUIRED: 1. Prepare any journal entry or entries required at the date of the grant. 2. Prepare the journal entries required for each year of the vesting period. 3. Assume that all options are exercised on December 31" of Year 5. Prepare the journal entry to record the exercise of the options 4. Assume that all options expire. Prepare the journal entry to record the expiration of the options on December 31 of Year 11 5. Independent of your responses to Parts a - d, prepare the journal entries required to recognise compensation expense for each year of the vesting period assuming the company used the following vesting probabilities Year 1 - 100% Year 2 -70% Year 3 -45% Problem 2: (Show all supporting computations On January 1 of Year 1. Kitty's Komer Stores, Inc. granted 30.000 options to acquire 30.000 shares of $2 par value common stock at an exercise price of $36 per share. The options vest in three years on January 1 of Year 4 and expire on January 14 of year 11. A binomial option pricing model was used to determine the fair value of the award resulting in a value of $12 per shore, Kitty's uses the expected forfeiture rate method. The lattial expected forfeiture rate is 0% or the vesting probability 100% REQUIRED: 1. Prepare any journal entry or entries required at the date of the grant 2. Prepare the journal entries regard for each year of the vesting period 3. Assume that all options are cerched on December 31" of Year 5. Prepare the journal entry to record the exercise of the options 4. Assume that all options expire. Prepare the journal entry to record the expiration of the options on December 31 of Year 11 5 Independent of your ponses to Parts ad, prepare the journals required to recognize comtion for each year of the vesting periodsuming the company and the following this Year 1 - 100% Yes 20 Yara 4