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What will be the general journal entry to record transaction

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Question - Cole, Inc. grants options that permit executives to acquire 50,000 of the company's $1.00 par value stock over the next five years, but not before the vesting period of three years.

On January 1, 2017, a value of $1.50 per share is placed on the value of the stock options that will allow these executives to purchase shares of stock at $9.00 per share.

Unexpected turnover during 2017 caused a forfeiture of 8% of the stock option value.

Unexpected turnover during 2018 caused an additional forfeiture of 4% of the stock option value.

On February 1, 2020 40,000 of the options were exercised when the market value was $41.00 a share.

On January 1, 2022, the remaining options were never exercised and allowed to expire (forfeiture is based upon the number of shares)

Required - What will be the general journal entry to record the 12/31/2019 transaction?

Reference no: EM133150872

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