Brief Exercise 16-24 Sheridan Ltd. established a share appreciation rights (SARs) program on January 1, 2017, which entitles executives to receive cash at the date of exercise (anytime in the next three years) for the difference between the shares' fair value and the pre-established price of $19 on 11,400 SARs. As of December 31, 2017, the shares' fair value is $30 per share, the SARs' fair value is $188,100, and the executives have not exercised their rights yet. The service period runs for two years (2017 to 2018), and at December 31, 2017, the service period is considered 50% complete