Problem 16-3 Buffalo Company adopted a stock-option plan on November 30, 2016, that provided that 69,000 shares of $5 par value stock be designated as available for the granting of options to officers of the corporation at a price of $8 a share. The market price was $11 a share on November 30, 2017 On January 2, 2017, options to purchase 26,500 shares were oranted to president Tom Winter-14,000 for services to be rendered in 2017 and 12,500 for services to be rendered in 2019. Also on that date, options to purchase 13,500 shares were granted to vice president Michelle Bennett-6,750 for services to be rendered in 2017 and 6,750 for services to be rendered in 2019. The market price of the stock was $13 a share on January 2, 2017. The options were exercisable for a perid of one year follawing the year in which the services were rendered. The fair value of the options on the grant date was $5 per aption In 2018, neither the president nor the vice president exerdsed their options because the market price of the stock was below the exercise price. The market price of the stock was $8 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 12,500 and 6,750 shares, respectively, when the market price was $17 a share. Prepare the necessary journal entries in 2016 when the st t p on plan was adopted in 2017 when op ons were grated in 2018 when options apsed and in 2019 en options were exerase entered. Do nat indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) edit account tit es are utom tra y n ented when amount is Date Account Titles and Explanation Debit (To record options granted to president.) (To record compensation expense atr butable to 20171 To necord compansaton expanse atrbutablo to 2018) To record lapse of pres dent's and vice president's optons) Dec. 31, 2019