Application of the intrinsic value method    LO6 At the beginning of 2019, Angourie Ltd grants 2000 share options to each of its 50 most senior executives. The share options have a life of 5 years and will vest at the end of year 3 if the executives remain in service until then. The exercise price is $50 and Angourie Ltd’s share price is also $50 at the grant date. As the company’s share options have characteristics significantly different from those of other traded share options, the use of option‐pricing models will not provide a reliable measure of fair value at grant date. The company’s share price during years 1–3 is shown below. Year Share price at year‐end Estimated number of executives departing in each year Number of executives remaining at year‐end Number of share options exercised at year‐end 1 $53 3 47 0 2 $55 2 45 0 3 $65 1 44 0 Required Calculate the annual and cumulative remuneration expense to be recognised by Angourie Ltd for each of the 3 years.