Multiple Choice Question 62 On January 1, 2018, Swifty Corporation granted Dick Williams, an employee, an option to buy 300 shares of Swifty Co, stock for $30 per share, the option exercisable for 5 years from date of grant. Using a fair value option pricing model, total compensation expense is determined to be $5840. Williams exercised his option on September 1, 2018, and sold his 300 shares on December 1, 2018. Quoted market prices of Swifty Co. stock during 2018 were: January 1 September 1 December 1 $30 per share $36 per share $40 per share The service period is for two years beginning January 1, 2018. As a result of the option granted to Williams, using the fair value method, Swifty should recognize compensation expense for 2018 on its books in the amount of