Delta Ltd grants 5,000 share appreciation rights (SARs) to 10 senior managers, to be taken in cash within 2 years of vesting date on condition that the managers do not leave in the next 3 years. The SARs vest on 30 June 2020. Delta Ltd estimates the fair values of the SARs at the end of each year in which a liability exists are as shown below. The intrinsic value of the SARs at the date of exercise at 30 June 2020 is also shown. Year Fair Value Intrinsic Value Number of managers who exercised their SARS 2018 $4.40 2019 $5.50 2020 $10.20 $9.00 4 . During the year ended 30 June 2018, 1 manager left and Delta Ltd estimated that a further 2 would leave before 30 June 2020. . During the year ended 30 June 2019, 1 manager left and the company estimated that another 1 manager would depart during the year ended 30 June 2020. . During the year ended 30 June 2020, 1 senior manager left. How much expense should Delta recognise for the year ended 30 June 2020? Select one: O a. $180,000 O b. $204,667 O c. $153,000 d. $24,667 e. $133,000