Problem 16-3 Ayaya ai Company adopted a stock-option plan on November 30, 2016, that provided that 75,400 shares of $5 par value stock be designated as available for the granting of options to officers of the corporation at a price of $9 a share. The market price On January 2, 2017, options to purchase 30,500 shares were grant was $11 a share on November 30, 2017. ed to president Tom Winter-15,300 for services to be rendered in 2017 and 15,200 for services to be rendered in 2018. Also on that date, options to purchase 16,300 shares were granted be rendered in 2017 and 8,150 for services to be rendered in 2018. The market price of the exercisable for a period of to vice president Michelle Bennett-8,150 for services to stock was $15 a share on January 2, 2017. The options were one year following the year in which the services were rendered. The fair value of the options on the grant date was $5 per option. In 2018, neither the president nor the vice president exercised their options because the market price of the stock was below the exercise price. The market price of the stock was $7 a share on December 31, 2018, when the options for 2017 services lapsed. On December 31, 2019, both president Winter and vice president Bennett exercised their options for 15,200 and 8,150 shares, respectively, when the market price was $16 a share. Prepare the necessary journal entries in 2016 when the stock-option plan was adopted, in 2017 when options were granted, in 2018 when options lapsed, and in 2019 when options were exercised. (Credit account titles are automatically no entry is required, select "No Entry" for the account titles and enter O for the amounts) indented when amount is entered Do notindemaly Account Titles and Explanation Debit (To record options granted to president.) (To record cor to 2017.)