Top Rock Corporation has an executive stock option plan which grants the Chief Executive Officer (CEO) the ability to purchase common shares following the conclusion of a vesting period. The CEO exercised some of the stock options she received on November 14, 2024. The CEO allowed the remainder of the options to lapse. Details regarding the stock option plan follow: Number of shares that can be purchased by the CEO: 35,360 Option price per share $ 18.00 Market price per share on January 1, 2021 $ 18.00 Market price per share on November 14, 2024 $ 23.40 Number of stock options exercised by CEO on November 14, 2024: 22,984 The vesting period for the stock option plan is January 1, 2021 to December 31, 2022. The exercise period for the stock option plan is January 1, 2023 to December 31, 2025. Top Rock Corporation determines, using an option-pricing model, that each option has the following fair value on January 1, 2021: $ 4.00. Top Rock has a year end of December 31. Assume that Top Rock transfers the proceeds of any expired options to a separate equity account Required:: Prepare journal entries for Top Rock Corporation to account for the stock option plan on each of the following 1. December 31, 2021 2. November 14, 2024 3. December 31, 2025 4. January 1, 2021 5. December 31, 2022

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