On January 1, 2013, the Miami Dolphins granted stock options to officers for the purchase of 20,000 shares of the company's $10 par value common stock for $25 per share. The options are exercisable within a 5-year period beginning January 1, 2015, by grantees still being employed by the Dolphins. The options expire December 31, 2017. The service period for these awards is 2 years and a fair value option-pricing model has determined total compensation expense to be $400,000. On April 1, 2014, 3,000 options were terminated when one officer resigned from the Dolphins. The market price of the stock was $35/share on this date. On March 31, 2015, 12,000 options were exercised when the market price of the common stock was $42/share.
Prepare the journal entries to record issuance of the stock options, termination of the stock options, exercise of the stock options, and charges to compensation expense for the years ended December 31, 2013, 2014, and 2015.