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In: AccountingOn November 1, 2017, Tamarisk Company adopted a stock-optionplan that granted options to key executives...On November 1, 2017, Tamarisk Company adopted a stock-optionplan that granted options to key executives to purchase 24,900shares of the company’s $9 par value common stock. The options weregranted on January 2, 2018, and were exercisable 2 years after thedate of grant if the grantee was still an employee of the company.The options expired 6 years from date of grant. The option pricewas set at $30, and the fair value option-pricing model determinesthe total compensation expense to be $373,500.All of the options were exercised during the year 2020: 16,600 onJanuary 3 when the market price was $66, and 8,300 on May 1 whenthe market price was $77 a share.Prepare journal entries relating to the stock option plan for theyears 2018, 2019, and 2020. Assume that the employee performsservices equally in 2018 and 2019. (Credit accounttitles are automatically indented when amount is entered. Do notindent manually. If no entry is required, select "No Entry" for theaccount titles and enter 0 for the amounts. Round intermediatecalculations to 5 decimal places, e.g. 1.24687 and final answers to0 decimal places, e.g. 5,125.)DateAccount Titles and ExplanationDebitCreditMay 1, 2020