On January 1, 2021, Braeben Inc. granted stock options to officers and key employees for the purchase of 180,000 of the company's no par value common shares at $30 each. The options were exercisable within a five-year period beginning January 1, 2023 by grantees still in the employ of the company, and they expire December 31, 2027. The market price of Braeben's common share was $20 per share at the date of grant. Using the Black-Scholes option pricing model, the company estimated the value of each option on January 1, 2021 to be $2.75.
On March 31, 2023, 30,000 options were exercised when the market value of common stock was $44 per share. The remainder of the options expired unexercised. The company has a December 31 year-end.
Required:
Record the journal entries for Braeben's stock options.

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The Answer of On January 1, 2021, Braeben Inc. granted stock options to officers and key employees for the purchase of 180,000 of the company's no par value common shares at $30 each. The options were exercisable within a five-year period beginning January 1, 2023 by grantees still in the employ of the company, and they expire December 31, 2027. The market price of Braeben's common share was $20 per share at the date of grant. Using the Black-Scholes option pricing model, the company estimated the value of each option on January 1, 2021 to be $2.75.
On March 31, 2023, 30,000 options were exercised when the market value of common stock was $44 per share. The remainder of the options expired unexercised. The company has a December 31 year-end.
Required:
Record the journal entries for Braeben's stock options.