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On October 15, 2020, the board of directors of Ensor Materials Corporation approved a stock option plan for key executives. On January 1, 2021, 25 million stock options were granted, exercisable for 25 million shares of Ensor's $1 par common stock. The options are exercisable between January 1, 2024, and December 31, 2026, at 90% of the quoted market price on January 1, 2021, which was $20. The fair value of the 25 million options, estimated by an appropriate option pricing model, is $6 per option. Ensor chooses the option to recognize forfeitures only when they occur. Ten percent (2.5 million) of the options were forfeited when an executive resigned in 2022. All other options were exercised on July 12 . 2025 , when the stock's price jumped unexpectedly to $24 per share. Required: 1. When is Ensor's stock option measurement date? 2. Determine the compensation expense for the stock option plan in 2021. (ignore taxes.) 3. Prepare the journal entries to reflect the effect of forfeiture of the stock options on Ensor's financial statements for 2022 and 2023. 5. Prepare the journal entry to account for the exercise of the options in 2025. Complete this question by entering your answers in the tabs below. Prepare the necessary journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in milions rounded to 1 decimal place (1.e., 5,500,000 should be entered as 5.5).) Journal entry worksheet Required: 1. When is Ensor's stock option measurement date? 2. Determine the compensation expense for the stock option plan in 3. Prepare the journal entries to reflect the effect of forfeiture of the 5. Prepare the journal entry to account for the exercise of the option Complete this question by entering your answers in the tabs b When is Ensor's stock option measurement date? Determine the comp (Ignore taxes.) (Enter your answer in millions (i.e.. 10,000,000 should Journal entry worksheet Record compensation expense on December 31,2022. Note: Enter debits before credits

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