Problem Four (8 points) On January 1, 2016, EX Inc. granted stock options to officers and key employees for the purchase of 100,000 shares of the company's $10 par value common stock at $30 PER SHARE. The options were exercisable beginning January 1, 2018, by grantees still in the employ of the company. Any unexercised option will expire December 31, 2026, The service period for this award is 2 years. Assume that the fair value option pricing model determines total compensation expense to be $800,000 On March 31, 2018, 50,000 option shares were exercised when the market value of the common stock was $51 per share. On December 31, 2026, the remaining options expired as they were not exercised Instructions: Prepare the necessary journal entries for 2016, 2017, 2018, and 2026