Walters Audio Visual Inc. offers an incentive stock option plan to its regional managers. On January 1, 2021, options were granted for 72 million $1 par common shares. The exercise price is the market price on the grant date-$8 per share. Options cannot be exercised prior to January 1, 2023, and expire December 31, 2027. The fair value of the 72 million options, estimated by an appropriate option pricing model, is $1 per option. 5 Required: 1. Determine the total compensation cost pertaining to the incentive stock option plan. 2. to 5. Prepare the appropriate journal entries to record compensation expense on December 31, 2021 and 2022. Prepare the appropriate journal entry to record the exercise of 75% of the options on March 12, 2023, when the market price is $9 per share and the entry on December 31, 2027, when the remaining options that have vested expire without being exercised. Complete this question by entering your answers in the tabs below. Req1 Req 2 to 5 Determine the total compensation cost pertaining to the incentive stock option plan. (Enter your answer in milli 10,000,000 should be entered as 10).) Total compensation cost million Req 1 Req 2 to 5 Prepare the appropriate foumal entries to record compensation expense on December 31, 2021 and 2022. Prep journal entry to record the exercise of 75% of the options on March 12, 2023, when the market price is $9 per December 31, 2027, when the remaining options that have vested expire without being exercised. (If no entry transaction/event, select "No journal entry required in the first account field. Enter your answers in millions (I. entered as 10).) ook int ences View transaction list Journal entry worksheet