Current Attempt in Progress

On November $1,2020,$ Bridgeport Company adopted a stock$-$option plan that granted options to key executives to purchase $21,300$ shares of the company's $$10$ par value common stock. The options were granted on January $2,2021,$ and were exercisable $2$ years after the date of grant if the grantee was still an employee of the company. The options expired $6$ years from date of grant. The option price was set at $$50,$ and the fair value option$-$pricing model determines the total compensation expense to be $$319,500.$

All of the options were exercised during the year $2023$: $14,200$ on January $3$ when the market price was $$68,$ and $7,100$ on May $1$ when the market price was $$78$ a share.

Prepare journal entries relating to the stock option plan for the years $2021,2022,$ and $2023.$ Assume that the employee performs services equally in $2022$ and $2023.($Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. Round intermediate calculations to $5$ decimal places, e$.$g$.1\mathrm{.}24687$ and final answers to $0$ decimal places, e$.$g$.5,125.)$

Date

Account Titles and Explanation

Debit

Credit