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Rambling Man, Inc. has a stock-option plan for top management. Each stock option represents the right to purchase a share of Rambling Man $1 par

Rambling Man, Inc. has a stock-option plan for top management. Each stock option represents the right to purchase a share of Rambling Man $1 par value common stock in the future at a price equal to the fair value of the stock at he date of the grant. On January 1, 2018, Rambling Man issued the following options:
Number of options granted 55,000
Market price of stock at grant date 42
Fair value of options at grant date 7
Service period 5 years
Options expire at the end of December, 2025.
During 2020, several executives terminated their employment with the company and forfeited their options, as follows:
Forfeitures experienced due to employee departures 18%
In 2024, the percentage of remaining options were exercised by the executives was: 75%
Required:
1. Record the journal entries for each year of the service period.

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