Question $6[20$ points$]$

Biotech Company has a stock option incentive plan for its top managers. It includes the following terms:

a$.$ Each manager who qualifies receives the right to buy $3,000$ common shares at an option price of $$9$ per share.

b$.$ The option is non$-$transferable and expires five years from the issuance date.

c$.$ The option cannot be exercised until three years from the issuance date.

d$.$ Management assumes that there will be no forfeitures as they do not expect any of its top managers to leave.

Manager Houle was given such an option award on January $22,2022.$ He exercised $1,000$ of his options on January $25,2025.$ An option pricing model indicated that the options were worth $$33,000$ on January $22,2022.$ The market value of common shares was $$13$ on January $22,2022.$

Prepare all related journal entries for the stock option plan for the years $2023$ to $2027,$ inclusive.

Assume that Biotech Company follows ASPE and prepares its financial statements on January $22$ and the first year's expense with regards to the option is recorded on January $22,2023.$

Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format $d\frac{d}{m}mm($ie$.$ January $15$ would be $\frac{15}{J}an).$

Please make sure your final answer$($s$)$ are accurate to $2$ decimal places.