Riverbed Company adopted a stock-option plan on November 30, 2019, that provided that 68,400 shares of $5 par value stock be designated as available for the granting of options to officers of the corporation at a price of $9 a share. The market price was $11 a share on November 30, 2020. On January 2, 2020, options to purchase 30,200 shares were granted to president Tom Winter13,500 for services to be rendered in 2020 and 16,700 for services to be rendered in 2021. Also on that date, options to purchase 17,700 shares were granted to vice president Michelle Bennett8,850 for services to be rendered in 2020 and 8,850 for services to be rendered in 2021. The market price of the stock was $14 a share on January 2, 2020. The options were exercisable for a period of one year following the year in which the services were rendered. The fair value of the options on the grant date was $4 per option. In 2021, neither the president nor the vice president exercised their options because the market price of the stock was below the exercise price. The market price of the stock was $9 a share on December 31, 2021, when the options for 2020 services lapsed. On December 31, 2022, both president Winter and vice president Bennett exercised their options for 16,700 and 8,850 shares, respectively, when the market price was $16 a share. Prepare the necessary journal entries in 2019 when the stock-option plan was adopted, in 2020 when options were granted, in 2021 when options lapsed, and in 2022 when options were exercised.