A publicly traded company allows a select group of senior executives to purchase shares of the companys common stock directly from the company through its employee stock purchase plan. There are no brokerage fees incurred through this plan and shares can be purchased at a 10% discount. Senior executives purchased 36,000 shares through this stock purchase plan at a time when the companys stock price was trading at $31 per share. How much, if any, will the company record for salary expense associated with the employee stock purchases? 1. $33,480. 2. $0. 3. $1,004,400. 4. $111,600. 5. $1,116,000.