Taj Singh Corp. (TSC) reports its financial results in accordance with IFRS. It has a December 31 year-end.

On January 1, 2021, TSC granted stock options to officers and key employees that entitled them to collectively purchase 10,000 of the company’s no par value common shares for $30 each. The options vest on December 31, 2023. On the grant date, TSC estimated the fair value of the options to be $100,000. 

On December 31, 2021, TSC estimated the forfeiture rate on the options would be 5%. On December 31, 2022, TSC updated the estimated forfeiture rate to 7%. On December 31, 2023, 94% of the options actually vested. 

On January 15, 2024, when the company stock was trading at $48, 100% of eligible employees exercised their stock options. 

Required:

Record all required journal entries pertaining to the employee stock options issued by Taj Singh Corp.