Rebelcork Minerals is a publicly traded company listed on the Toronto Stock Exchange. On 1 January 20X4, the company granted 39,500 stock options to 50 of its employees. Relevant information about Rebelcork Minerals on 1 January 20X4 and the share issuance is as follows:\ \ Common Shares, no par value, unlimited authorized, 20,480,000 issued and outstanding: $286,720,000\ Average issuance price: $12 per share\ Share price on grant date: $24 per share\ Exercise price: $28 per share\ Stock options to be fully vested 1 January 20X8 and expire 1 January 20X10\ Options non-transferrable\ Options valued at $962,000\ Management has estimated the following forfeitures:\ \ \ 20X4 20X5 20X6 20X7\ Employees expected to forfeit their optionsper year 6 4 2 \ Employees expected to forfeit their optionscumulative 6 10 12 \ Actual forfeituresper year 7 3 4 2\ Actual forfeiturescumulative 7 10 14 16\ \ Additional information:\ \ In 20X8, 28 employees exercise their options when the share price is $47 per share.\ In 20X9, 6 employees exercise their options when the share price is $45 per share.\ Required:\ \ 1. Prepare the entries to record the granting of the options, annual expense, exercise, and lapse. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.)