Under its executive stock option plan, National Corporation granted 30 million options on January 1,...
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Under its executive stock option plan, National Corporation granted 30 million options on January 1, 2021, that permit executives to purchase 30 million of the company's $1 par common shares within the next six years, but not before December 31, 2023 (the vesting date). The exercise price is the market price of the shares on the date of grant, $30 per share. The falr value of the options, estimated by an approprlate option pricing model, is $2 per option. Suppose that the options are exercised on April 3, 2024, when the market price is $34 per share. lgnoring taxes, what journal entry will National record? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (Le., 10,000,000 should be entered as 10.) View transaction et Journal entry worksheet Record entry for options exercised on April 3, 2024, when the market price is 532 per share General Journal Debit Credit Apsi 09.2024 Racord entry Clear entry Mew general Tournal
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