On Jаnuаry 1, 2027, Gоld Cоrpоrаtion granted an employee the option to purchase 8,000 shares of Gold's $4 par common stock at $20 per share. The options vested on December 31, 2028, after the employee completed two years of service. The options were exercised on January 10, 2029. The market prices of Gold's stock were as follows: January 1, 2027, $31; December 31, 2028, $58; and January 10, 2029, $44. An option pricing model estimated the value of the options at $9 each on the grant date. For 2027, Gold should recognize compensation expense of: