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Prepare journal entries under each of the cases

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Question - On July 1, 2020, Governing Body Co. granted 300 share options to each of its 300 employees for the purchase of P40 par ordinary share at P50 per share. The employees are required to be in the employ of the company at least until the option vested.

The share options will vest as follows: End of 2020, if earnings in 2020 increased by 19%.

End of 2021, if average annual earnings during 2020 and 2021 increased by 13%.

End of 2022, if the entity's earnings increase by an average of 10 percent per year over the three-year period.

The share options have a fair value of P30 per share at the start of 2020. No dividends are expected to be paid over the three-year period.

Required - Prepare journal entries under each of the following cases.

Reference no: EM133091576

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