Newman Company granted compensatory share options for 30.000 P20 par value ordinary shares to certain key employees. The market price of the share on that date was P36 and the option price was P30. The Black-Scholes option pricing model measured the total compensation expense to be P5,400,000. The options are exercisable beginning January 1, 2023, provided the key employees are still in entity's employ at the time the options are exercised. The options expire on June 30, 2024. On January 15, 2023, when the market price of the share was P42, all 30,000 options were exercised. What amount of compensation expense should be recorded for 2022? a. 2,160,000 b. 2,700,000 c. 5,400,000