Answers
According to the requirement of the question, we have to record the journal entries.
| Year | Accounts Titles and Explanations | Debit ($) | Credit ($) |
| 2019 | No Journal entry required | ||
| (No journal entry would be recorded at the time the stock option plan was adopted) | |||
| Jan 2,2020 | No Journal entry required | ||
| (To record options granted to president.) | |||
| Dec 31, 2020 | Compensation Expense | $92,400 | |
| Paid-in Capital-Stock Options (Working Note 1) | $92,400 | ||
| (To record compensation expense attributable to 2020) | |||
| Dec 31, 2021 | Compensation Expense | $79,200 | |
| Paid-in Capital-Stock Options (Working Note 2) | $79,200 | ||
| (To record compensation expense attributable to 2021) | |||
| Dec 31, 2021 | Paid-in Capital-Stock Options | $92,400 | |
| Paid-in Capital - Expired Stock Options | $92,400 | ||
| (To record lapse of president’s and vice president’s options) | |||
| Dec 31, 2022 | Cash (Working Note 3) | $178,200 | |
| Paid-in Capital-Stock Options (Calculated above) | $79,200 | ||
| Common Stock (Working Note 4) | $99,000 | ||
| Paid-in Capital in Excess of Par (Balancing Figure) | $158,400 | ||
| (To record issuance of shares.) |
Working Note:-
1. Calculation of Paid-in Capital-Stock options for 2020
(16,200 + 6,900) * $4 = $92,400
2. Calculation of Paid-in Capital-Stock options for 2021
(12,900 + 6,900) * $4 =$79,200
3. Calculation of Cash
(12,900 + 6,900) * $9 = $178,200
4. Calculation of Common Stock
(12,900 + 6,900) * $5 = $99,000
Thank you...
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