On January 1,2020 , Spring Co. awards 10,000 stock options to acquire 10,000 shares of common stock ( \(\$ 1\) par value) to executives at an exercise price of \(\$ 30\) per share. The market price of Spring Co. common stock on the grant date is \(\$ 30\) per share. The options are exercisable after January 1,2024 , and expire when the employee leaves the company or on December 31, 2026, whichever is first. Management estimates through a fair value option-pricing model that total compensation expense is \(\$ 130,000\). The requisite service period is considered to be 4 years. Spring Co.'s policy is to record forfeitures as they are incurred. Determine compensation expense in 2021 considering 1,500 shares were forfeited in that year.