On October $15,2023,$ the board of directors of MartInez Materlals Corporation approved a stock option plan for key executlves. On

January $1,2024,33$ million stock optlons were granted, exerclsable for $33$ million shares of Martinez's $$1$ par common stock.

The optlons are exerclsable between January $1,2027,$ and December $31,2029,$ at $80\%$ of the quoted market price on January $1.$

$2024,$ which was $$10.$

The falr value of the $33$ million options, estimated by an appropriate option pricing model, is $$4$ per option.

Martinez chooses the optlon to recognize forfeltures only when they occur.

Ten percent $(3\mathrm{.}3$milli ion$)$ of the optlons were forfelted when an executlve resigned in $2025.$

All other optlons were exercised on July $12,2028,$ when the stock's price jumped unexpectedly to $$32$ per share.

Required:

When is Martinez's stock optlon measurement date?

$2$ Determine the compensation expense for the stock option plan In $2024.($Ignore taxes.$)$

Prepare the journal entrles to reflect the effect of forfelture of the stock optlons on Martinez's financlal statements for $2025$ and

Prepare the journal entry to account for the exerclse of the optlons in $2028.$

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& $2.$ When is Martinez's stock option measurement date? Determine the compensation expense for the stock option plan in

$($Ignore taxes.$)$

Note: Enter your answer in millions $($i$,$e$.,10,000,000$ should be entered as $10).$