Problem 4. MeadowView Drugs offered an incentive stock option plan to its employees. On January 1, 2021, options were granted for sixty thousand $1 par common shares. The exercise price equals the $5 market price of the common stock on the grant date. The options cannot be exercised before january 1, 2023 and expire December 31, 2024. Each option has a fair value of $2.50 based on an appropriate option pricing model. All options were exercised on May 13 . 2023 when the share price was $7.00. a. Prepare the journal entry to record its 2022 compensation expense related to the stock option plan. b. Prepare the journal entry to record the exercise on May 13, 2023