Question: On January 1, 2018, Richard Corp. granted 4800 options to its officers. Each option entitles the holder to purchase one share of Richards's $5 par value of common stock at $30 per share anytime for next 5 years. The market price of stock is $48 per share on date of grant. The fair value of option n date of grant is $184000. The period of benefit is 2 years.
1) Prepare the December journal entry for first two years.
2) Prepare journal entry when all options are exercised for 5 year limit.
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