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Exercise 16-10 On November 1, 2017, Waterway Company adopted a stock-option plan that granted options to key executives to purchase 26,700 shares of the company's $9 par value common stock. The options were granted on January 2, 2018, and were exercisable 2 years after the date of grant if the grantee was still an employee of the company. The options expired 6 years from date of grant. The option price was set at $30, and the fair value option-pricing model determines the total compensation expense to be $400,500. All of the options were exercised during the year 2020: 17,800 on January 3 when the market price was $68, and 8,900 on May 1 when the market price was $78 a share. Prepare jour places, e.g. 1.24687 and final answers to 0 decimal places, e.g. 5,125.) stock option plan for the years 2018, 2019, and 2020. Assume that the employee performs services equally in 2018 and 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round intermediate calculations to 5 decimal Date Account Titles and Explanation Debit Credit Jan. 2, 2018 + No Entry No Entry Dec. 31, 2018+ Compensation Expense Paid-in Capital-Stock Options Dec. 31, 2019# Compensation Expense Paid-in Capital-Stock Options Jan. 3, 2020 Cash Paid-in Capital-Stock Options Common Stock Paid-in Capital in Excess of Par - Common Stock May 1, 2020 Cash Paid-in Capital-Stock Options Common Stock Paid-in Capital in Excess of Par - Common Stock Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: SIMILAR EXERCISE Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWERExercise 16-24 The Skysong Corporation issued 10-year, $4,440,000 par, 7% callable convertible subordinated debentures on January 2, 2017. The bonds have a par value of $1,000, with interest payable annually. The current conversion ratio is 14:1, and in 2 years it will increase to 16:1. At the date of issue, the bonds were sold at 98. Bond discount is amortized on a straight-line basis. Skysong's effective tax was 35%. Net income in 2017 was $7,950,000, and the company had 2,075,000 shares outstanding during the entire year. (a) Compute both basic and diluted earnings per share. (Round answers to 2 decimal places, e.g. $2.55.) Basic earnings per share 3.83 Diluted earnings per share Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT Question Attempts: 0 of 3 used