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Compensation Expense : On January 1. 2019, Phoenix Corporation adopts a performance-based share option plan for 20 executives, with the number of shares based on

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Compensation Expense : On January 1. 2019, Phoenix Corporation adopts a performance-based share option plan for 20 executives, with the number of shares based on the yearly increase in sales. At the end of 2019, based on a 10% increase in sales, it expects that each executive will be granted 200 options and that the fair value of an option expected to vest is $20. Phoenix expects a turnover rate of 15% over the 3-year service period. Required: Determine the compensation expense for 2019 for this plan. Round your answer to the nearest whole dollar

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