Problem 19-1 (Algo) Stock options; forfeiture; exercise (LO19-2] On October 15, 2020, the board of directors of Ensor Materials Corporation approved a stock option plan for key executives. On January 1, 2021, 33 million stock options were granted, exercisable for 33 million shares of Ensor's $1 par common stock. The options are exercisable between January 1, 2024, and December 31, 2026, at 80% of the quoted market price on January 1, 2021, which was $10. The fale value of the 33 million options, estimated by an appropriate option pricing model, is $4 per option Ensor chooses the option to recognize forfeitures only when they occur. Ten percent (3.3 million) of the options were forfelted when an executive resigned in 2022. All other options were exercised on July 12 2025, when the stock's price jumped unexpectedly to $32 per share. Required: 1. When is Ensor's stock option measurement date? 2. Determine the compensation expense for the stock option plan in 2021. (Ignore taxes.) 3. Prepare the journal entries to reflect the effect of forfelture of the stock options on Ensor's financial statements for 2022 and 2023. 5. Prepare the journal entry to account for the exercise of the options in 2025