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Problem 3 (6 Marks) Stardust Inc. follows IFRS and has a year end of December 31. On November 1, 2020, the company adopted a

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Problem 3 (6 Marks) Stardust Inc. follows IFRS and has a year end of December 31. On November 1, 2020, the company adopted a stock option plan that granted options to top executives. Each executive could receive rights to purchase 3,000 shares. On January 1, 2021, the options were granted to five executives. The option price was set at $40 per share and the total compensation package was estimated to be worth $390,000, without forfeitures. It is assumed that the options were for services performed equally during 2021 and 2022. The options were exercisable within a one-year period beginning January 1, 2023 (if the employees were still employed by the company at the time of the exercise). On May 1, 2023, four executives exercised their options when Stardust Inc.'s shares were trading for $50 per share. On December 31, 2023, the market price of Stardust Inc.'s shares was down to $35 per share. So the fifth executive chose not to exercise any of the options, which therefore were forfeited. Instructions Prepare the necessary entries from November 1, 2020 to Dec 31, 2023 related to the stock option plan. If no entry is needed, write "No entry."

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