SSG Cycles manufactures and distributes motorcycle parts and supplies. Employees are offered a variety of share-based compensation plans. Under its nonqualified stock option plan, SSG granted options to key officers on January 1, 2024. - The options permit holders to acquire 15 million of the company's $1 par common shares for $20 within the next six years, but not before January 1, 2027 (the vesting date). - The market price of the shares on the date of grant is $22 per share. - The fair value of the 15 million options, estimated by an appropriate option pricing model, is $6.00 per option. Required: 1. Determine the total compensation cost pertaining to the incentive stock option plan. 2. \& 3. Prepare the appropriate journal entries to record compensation expense on December 31, 2024, 2025, and 2026. Record the exercise of the options if all of the options are exercised on May 11, 2028, when the market price is $23 per share. Complete this question by entering your answers in the tabs below. Determine the total compensation cost pertaining to the incentive stock option plan. Note: Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). Prepare the appropriate journal entries to record compensation expense on December 31,2024,2025, and 2026. Record the exercise of the options if all of the options are exercised on May 11,2028 , when the market price is $23 per share. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). Show less A Journal entry worksheet Record compensation expense on December 31, 2024. Note: Enter debits before credits