Under its executive stock option plan, National Corporation granted 29 million options on January 1, 2021, that permit executives to purchase 29 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, $33 per share. The fair value of the options, estimated by an appropriate option pricing model, is $5 per option. Suppose that the options are exercised on April 3, 2024, when the market price is $35 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).) View transaction list Journal entry worksheet 1 Record entry for options exercised on April 3, 2024, when the market price is $35 per share.

Under its executive stock option plan, National Corporation granted 29 million options on January 1, 2021, that permit executives to putchase 29 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. $33 per share. The fair value of the options, estimated by an appropriate option pricing model is $5 per option Suppose that the options are exercised on April 3, 2024, when the market price is $35 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 occount field. Enter your answers in millions (ie. 10,000,000 should be entered os 10).) View transaction that Journal entry worksheet Record entry for options exercised on April 3, 2024, when the market prices $35 per share Note: Enter debits before credits Credit Date Aper 03, 2024 Debit 067 General Journal Phash Paid in catal-stock options Common stock Pada capital eness of par 20