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Question - Tri-Facet Ltd. issued 28,750 stock options on January 1, 2021, allowing its Chief Executive Officer (CEO ) to purchase common shares at $7 each. An options pricing model was used to determine that the options have a fair value of $168,762 . The CEO cannot exercise the stock options until January 1, 2024. The stock options vest over the period of January 1, 2021 to December 31, 2023. The stock options expire on December 31, 2027.
The CEO exercised 60% of the stock options on November 5, 2027. The remaining options expired
The market prices of the common shares of Tri-Facet Ltd. were as follows:
Date Market Price Per Share
Jan. 1, 2021 $7
Dec. 31, 2021 $8
Dec. 31, 2022 $10
Dec. 31, 2023 $11
Nov. 5, 2027 $10
Required - Prepare any journal entries required for Tri-Facet Ltd. on each of the following dates:
January 1, 2021
December 31, 2022
November 5, 2027
December 31, 2027
Financial Statement Analysis and Preparation
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