On December 31, 2021, the shareholders' equity section of Text Tech's, an ASPE company, balance sheet was as follows: Shareholders' Equity Common shares, no par, unlimited shares authorized, issued and outstanding, 4,971,600 shares Contributed surplus: common share warrants $69,602,400 outstanding, 12,400 warrants allowing purchase of 4 shares each at a price of $27 per share, Contributed surplus: CSOP Retained Earnings Total shareholders' equity. Additional information: 88,000 120,000 34,237,600 $104,048,000 Text Tech follows ASPE and has chosen to account for options forfeitures as they occur. There were 60,000 CSOP options outstanding to executives allowing for purchase of one share for each option at $12 per share. Any unexercised options will lapse by December 31, 2022. The following transactions occurred during 2022: a. January 20: Warrants outstanding at the beginning of the year were exercised in full. The market value of the shares was $35. b. June 12: A 12% stock dividend was declared and issued. The carrying value of the shares at this time was an average of $14.15 per share, and the market value was $36 per share. c. June 29 Employee stock options were issued for proceeds of $50,000, which will allow for purchases of 45,000 shares at a price of $50. d. July 27: One-quarter of the options issued in (c), above, were exercised. The market value of the shares was $59. e. October 5: Options were issued to existing shareholders as a poison pill in the case of a hostile takeover. Options allowing the purchase of 2 shares for each existing share held at a price of $1 each were issued, to be exercisable only under certain limited conditions. f. October 8: Executives exercised some of the outstanding CSOP options and 10,800 shares were issued. The market value of the shares was $35. g. December 31: Options were granted on December 31, 2021, to executives allowing purchase of 24,000 shares at $43, the current market value. The rights are exercisable in 8 years. The fair value of the options was $72,000. h. December 31: The remaining CSOP options outstanding from December 31, 2021, were not exercised in the current year, even though the executives continued to meet the service requirements needed to exercise the options. Part 1) Prepare journal entries for the above transactions, where appropriate. Note that not all transactions will require a journal entry. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). Please make sure your final answer(s) are accurate to the nearest whole number. Date General Journal Account/Explanation Page G5 PR Debit Credit Part 2) Record entry h) for the forfeited options, assuming now that the options were forfeited because the executives no longer met the service requirements to exercise the options. Enter an appropriate description, and enter the date in the format dd/mmm (ie. 15/ Jan) Please make sure your final answer(s) are accurate to the nearest whole number. Date General Journal Account/Explanation Page G5 PR Debit Credit Part 3) Match the accounting treatment regarding forfeited options according to the accounting standards: IFRS (Select one) ASPE (Select one) Part 4) How might entry d) above change if the market price on that date was $48? a) Options are in the money and employees would be motivated to exercise them. b) Options are not in the money and employees would be motivated to exercise them. c) Options are in the money and employees would not be motivated to exercise them. d) Options are not in the money and employees would not be motivated to exercise them. Answer = (Select one)