Exercise 16 10 On 1 November 2017 Marin Company adopted a stock option plan that granted options to key executives to purchase 31800 shares of the companys $9 par value common stock

plan that granted options to key executives to purchase 31800 shares of the companys $9 par value common stock. The options were granted on January 2, 2018, 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 $40, and the fair value option-pricing model determines the total compensation expense to be $477.000. All of the options were exercised during the year 2020: 21200 on January 3 when the market price was $68, and 10,600 on May 1 when the market price was $77 a share. Prepare journal entries relating to the stock option plan for the years 2018, 2019, and 2020. Assume that the employee performs services equally in 2018 and 2019. Date                     Account Titles and Explanation                                 Debit                    Credit Jan. 2, 2018        No Entry                                                                          0                                              No Entry                                                                                         0 Dec. 31, 2018     Compensation Expense                                               238500                                               Paid-in Capital-Stock Options                                                   238500 Dec. 31, 2019     Compensation Expense                                               238500                                              Paid-in Capital-Stock Options                                                   238500 Jan. 3, 2020        Cash                                                                                 848000                               Paid-in Capital-Stock Options                                                                                 Common Stock                                                                             190800                                              Paid-in Capital in Excess of Par - Common Stock                May 1, 2020       Cash                                                                                                               Paid-in Capital-Stock Options                                                                                 Common Stock                                                                             95400                                              Paid-in Capital in Excess of Par - Common Stock  for some reason I cannot get the right amount to be deduction from the $477,000. I have watched the videos with a similar problem, and my answers are wrong. I only have one more attempt to get his right. What am I doing wrong. In the video it states to divide the January 3 options of 21,200 by the purchase shares of 31800 to get the percentage rate to be deducted from the compenstation cost of $477,000. I get 67%. Right or wrong?