The Sakura Company issued 50,000 share appreciation rights to their employees on January 2, 20x1. The vesting period ends on June 30, 20x3 and the exercise period ends on December 31, 20x4. Data with regards to the plan is as follows: Date Dec 31, 20x1 Dec 31, 20x2 June 30, 20x3 Dec 31, 20x3 Dec 31, 20x4 Management's estimate of SARS vesting 92% 87% 84% (actual) Fair value per SAR $4.10 4.52 3.85 Required - Prepare the journal entries for the life of the SARS. Average Cash paid per SAR when exercised 4.33 3.10 A total of 32,000 SARS were exercised in 20x3 and the remainder were exercised in 20x4.