Reference no: EM132828238
Question - On January 1, 2015, VO Ltd. (a public company) granted stock options to its chief executive officer (CEO). This is the only stock option plan that VO offers. The details of the stock options are set out below:
Option to purchase 40,000 no-par-value common shares
Exercise price per share is $25.00
Market price per share at grant date is $25.00
Stock options expire the earlier of 10 years after issuance or the employee's cessation of employment with the company for any reason other than retirement.
The options are first exercisable 2 years after the grant date.
Fair value at grant date, as determined by using a binomial valuation model is $5.
On January 1, 2019, 12,000 of the options were exercised when the market price of the common shares was $66.00.
Required - What are the required journal entries for the following dates, if no journal entry is required, state "no entry required":
i) January 1, 2015 (grant date)
ii) December 31, 2015 (year-end)
iii) January 1, 2019 (exercise date)
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