ABC Company granted 100 share options to each of its 200 employees on January 1,2019. The option plan allows the employees to purchase a share of the entity's P 100 par value ordinary at P 180 per share. Based on the option pricing model used by the entity, the fair value of each option on January 1,2019 is P 30. The option plan requires the employees receiving the options to be in the employ of the company for the next 3 years. Options are exercisable from January 1 to December 31, 2022. At January 1,2019, it was estimated that 16.5% of the employees will leave during the next 3 years. Actual and revised estimate of employees leaving the company during 2019, 2020 and 2021 are as follows: 2019: 10 employees left; additional 10 employees in 2020 and 2021. 2020: 15 employees left; additional 7 employees in 2021. 2021: 8 employees left. During 2022, 120 employees exercised their options while the remaining employees allowed their options to lapse. What is the amount credited to share premium account upon exercise of the options in 2022?
ABC Company granted 100 share options to each of its 200 employees on January 1,2019. The option plan allows the employees to purchase a share of the entity's P 100 par value ordinary at P 180 per share. Based on the option pricing model used by the entity, the fair value of each option on January 1,2019 is P 30. The option plan requires the employees receiving the options to be in the employ of the company for the next 3 years. Options are exercisable from January 1 to December 31, 2022.
At January 1,2019, it was estimated that 16.5% of the employees will leave during the next 3 years. Actual and revised estimate of employees leaving the company during 2019, 2020 and 2021 are as follows:
2019: 10 employees left; additional 10 employees in 2020 and 2021.
2020: 15 employees left; additional 7 employees in 2021.
2021: 8 employees left.
During 2022, 120 employees exercised their options while the remaining employees allowed their options to lapse.
What is the amount credited to share premium account upon exercise of the options in 2022?
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