Under its executive stock option plan, Fostoria Inc. granted $20$ million options on January $1,2024,$ that permit executives to purchase $20$ million of the company's $$1$ par common shares within the next six years, but not before December $31,2026($the vesting date$).$ The exercise price is the market price of the shares on the date of grant, $$24$ per share. The fair value of the options, estimated by an appropriate option pricing model, is $$3$ per option. Suppose that the options are exercised on April $3,2027,$ when the market price is $$29$ per share.

Required: Prepare the journal entry to record the exercise of the options.

Note: Enter your answers in millions $($i$.$e$.,10,000,000$ should be entered as $10).$

Journal entry worksheet

$1$

Record entry for options exercised on April $3,2027,$ when the market price is $$29$ per share.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$April $03,2027,,,],[,,,],[,,,],[,,,],[,,,]]$