The Burford Corporation provides an executive stock option plan. Under the plan, the company granted options on January 1, 2021, that permit executives to acquire 12 million of the company's $1 par value common shares within the next five years, but not before December 31, 2024 (the vesting date). The exercise price is the market price of the shares on the date of the grant, $14 per share. The fair value of the options, estimated by an appropriate model, is $3 per option. No forfeitures are anticipated. Ignore taxes. Required: 1. Determine the total compensation cost pertaining to the options. 2. & 3. Prepare the appropriate journal entries (if any). Complete this question by entering your answers in the tabs below. Req 1 Req 2 to 3 Determine the total compensation cost pertaining to the options. (Enter your answer in millions (i.e., 10,000,000 should be entered as 10).) Total compensation cost million Req1 Req 2 to 3 > Req 1 Req 2 to 3 Prepare the appropriate journal entries (if any). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet Record the award of options that permit executives to acquire 12 million common shares at $1 par under an executive stock option plan on January 1, 2021. Note: Enter debits before credits. General Journal Debit Credit Date January 01, 2021 Req 1 Reg 2 to 3 Prepare the appropriate journal entries (if any). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet