Under its executive stock option plan, National Corporation granted $20$ million options on January $1,2021,$ that permit executives to

purchase $20$ million of the company's $$1$ par common shares within the next six years, but not before December $31,2023($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 $3,2024,$ when the market

price is $$29$ per share.

Ignoring taxes, what journal entry will National record? $($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 options exercised on April $3,2024,$ when the market price is

$$29$ per share.

Note: Enter debits before credits.Under its executive stock option plan, National Corporation granted $20$ million options on January $1,2021,$ that permit executives to purchase $20$ million of the company$$s $$1$ par common shares within the next six years, but not before December $31,2023($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 $3,2024,$ when the market price is $$29$ per share.

Ignoring taxes, what journal entry will National record? $($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 $10).)$