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Question - On April 1, 2014, Phobos Ltd. granted 100 options to members of the company's senior management team. Each option allows the manager to purchase 100 shares of Phobos Ltd. at a price of $25 per share. The options vest on April 1, 2016, and are exercisable within a two-year period beginning April 1, 2016, but only if the grantee is still employed by the company at the time of the exercise. 0n the grant date, Phobos's shares were trading at $28 per share. The fair value of the options was determined at $250,000.
On December 31, 2016, 50 options were exercised when the market price of Phobos' shares was $35 per share. No other options were exercised. Phobos has contributed surplus from other share activities dating prior to the issue of the stock options. The company's year-end is December 31.
Required - Record all the necessary journal entries related to the stock option plan from 2014 through 2018.
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