Uptions On January 1, 2021, the Satchmo Corporation granted stock options to key employees permitting those employees to acquire 1 million shares of the company's $1 par value common shares within the next five years, but not before December 31, 2022 and only if the employee was still an employee on that date (two years vesting). The exercise price is the market price of the shares on the date of grant, $14 per share. The fair value of the 1 million options, estimated by the Black-Scholes model, is $3 per option. 1. Determine the total compensation cost pertaining to the options. 2. Prepare the appropriate journal entry to record the award of the options on January 1 , 2021. 3. Prepare the appropriate journal entry to record compensation expense on December 31,2021. 4. Prepare the appropriate journal entry to record compensation expense on December 31,2022. 5. Assume on March 18, 2024, all of the options are exercised when the market price is $25 per share. What journal entry will Satchmo make on that date