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O 20. On 1 July 2019 Maroubra Lid granted its managing director the right to choose either 30 000 phantom shares (that is. the right to receive a cash payment equivalent to the value of 30 000 shares), or 35 000 shares in the company. The grant is conditional upon the completion of three years' service as managing director of Maroubre Lid. In addition, should the managing director choose the shares alternative, the shares must be held for an additional two years after the vesting date. On 1 July 2019 Maroubra Lid's share price was $19.00. The subsequent share prices were as follows: 30 June 2020 $16.00 . 30 June 2021 $21,00 30 June 2022 $23.00 At grant date, Maroubra Lid does not expect to pay any dividends during the term of the arrangement with the managing director, as all profits are being reinvested. This policy is maintained for the duration of the arrangement. After taking into account the effects of the post-vesting restrictions, Maroubra Lid estimated that the fair value of the share alternative as at 1 July 2019 was $15.00 per share. REQUIRED Prepare the journal entries for the years ending 30 June 2020, 2021 and 2022 to account for the share-based transaction. LO 17.5 ( , 17.6 9 , 17.7 0