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Prepare the necessaryjournal entries in 2023 when the stock option plan was adopted, in 2024 when the options were granted, in 2025 when the options

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Prepare the necessaryjournal entries in 2023 when the stock option plan was adopted, in 2024 when the options were granted, in 2025 when the options lapsed, and in 2026 when the options were ecercised. (Credit account titles are autometically indented when the arnount is entered. Do not indent manually. Record joumal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account tilies and enter 0 for the amounts. Do not round intermediate calculations, Round answers to 0 decimal places, es. 5,275. List all debit entries before credit entries) Current Attempt in Progress Vanstone Corp. a public company, adopted a stock option plan on November 30, 2023, that designated 70,000 common shares as available for the granting of options to officers of the corporation at an exercise price of $8 a share. The market value was $12 a share on November 30,2023. On January 2,2024, options to purchase 28,000 shares were granted to the president, Don Pedro: 15,000 for services to be rendered in 2024, and 13,000 for services to be rendered in 2025. Also on that date, options to purchase 14,000 shares were granted to the vice-president, Beatrice Leonato: 7,000 for services to be rendered in 2024, and 7,000 for services to be rendered in 2025. The shares' market value was $14 a share on January 2, 2024. The options were ecercisable for a period of one year following the year in which the services were rendered. On January 2,2024 , the value of the options was estimated at $400,000. In 2025, neither the president nor the vice-president evercised their options because the shares' market price was below the exercise price. The shares' market value was 57 a share on December 31, 2025, when the options for 2024 services lapsed. On December 31, 2026, both the president and vice-president exercised their options for 13,000 and 7,000 shares, respectively, when the market price was $16 a share, The company's year end is December 31. Prepare the necessaryjoumal entries in 2023 when the stock option plan was adopted, in 2024 when the options were granted, in 2025 when the options lapsed, and in 2026 when the options were exercised. (Credit occount titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the occount tities and enter O for the amounts, Do not round intermedlate calculations. Round answers to 0 decimal places. E. 5, 275. List all debit entries before credit entries)

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