Pont Chemical Remediation Ltd. issued options in 206 allowing the holder to acquire 80,000 common shares in 4 years' time at an acquisition price of $25 per share. Using an option pricing model, the options are valued at $192,000. The options were issued for consulting and promotion work done, tasks that are not easty valued. Required: 1. Provide the journal entry to record the transaction. (If no entry is required for a transaction/event, select "No journal antry required" in the first occount fleld.) Journal entry worksheet Record the entry for isque of shares towards Consulting/promotion expense. Wote Encer debets belare crestif 2. Assume that the options were exercised when the market price of common shares is $45. Provide the entry for exercise. (if no entry is required for a transaction/event, select "No journal entry required" in the first occount field.) Journal entry worksheet Record the entry for exercising the options. Muter Lnter debits before credite. 3. Assume that the options were allowed to lapse when the price of common shares is $16. Provide the entry for the lapse. (If no entry is required for a tronsaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the entry for lapse of options issued. Wete: Enter debits before eredts