On 1 January 2022, Puru granted 800 cash share appreciation rights (SARs) to each of its 15 sales managers on the condition that they remain employed by the company for the following two years and Puru reaches a revenue target of $700 million for its latest influenza vaccine by 31 December 2023. On 31 December 2023, all SARs held by remaining employees will vest if the revenue target is achieved. The SARs can be exercised up to 31 December 2024. Details about the number of employees granted the SARs are outlined below: Using an option pricing model, Puru estimates the fair value of the SARs at the end of the year in which a liability exists. The cash to be paid out is the intrinsic value of the SARs at the date of exercise. The fair values and intrinsic values are as follows: Additional information - Throughout the vesting period, Puru expected the revenue target to be met. The revenue target was met at 31 December 2023, and the SARs vested. - Any journal entries for the year ended 31 December 2022 have been correctly recorded. The liability recognised relating to this share-based payment arrangement at 31 December 2022 was $23,040. Any SARs exercised at 31 December 2023 were settled in cash the same day. Task - Prepare the journal entries for the year ended 31 December 2023