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On January 1, 2016, Windsor Corporation granted 10,300 options to key executives. Each option allows the executive to purchase one share of Windsor's $5 par value common stock at a price of $21 per share. The options were exercisable within a 2-year period beginning January 1, 2018, if the grantee is still employed by the company at the time of the exercise. On the grant date, Windsor's stock was trading at $26 per share, and a fair value option-pricing model determines total compensation to be $403,000.
On May 1, 2018, 8,240 options were exercised when the market price of Windsor's stock was $31 per share. The remaining options lapsed in 2020 because executives decided not to exercise their options.
Prepare the necessary journal entries related to the stock option plan for the years 2016 through 2020.
Calculate the? after-tax cost of debt. Calculate the cost of preferred stock. Calculate the cost of common stock.
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