Under its executive stock option plan, National Corporation granted $20$ million options on January $1,2024,$ that permit executives to purchase $20$ million of the company's $$1$ par common shares within the next seven years, but not before December $31,2026($the vesting date$).$ The exercise price is the market price of the shares on the date of grant, $$24$ per share. The fair value of the options, estimated by an appropriate option pricing model, is $$3$ per option. Suppose that the options expire without being exercised.

Ignoring taxes, what journal entry will National record?

Note: 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 $10).$

Journal entry worksheet

$1$

Record entry for the options that expired without being exercised.

Note: Enter debits before credits.

Fvent

General $.$Inurnal

Debit

Credit