On 3 August 2023, Sunny Smiles Ltd had a balance of $23,500 in their options account. This reflected 50,000 fully paid options which were on issue. Each option, if exercised, entitled the holder to purchase one ordinary share for $3, payable in full upon exercise of the option. When the options expired on 1 September 2023, 75% had been exercised. Options which were not exercised duly lapsed. After all transactions relating to the exercise of the options had been completed, what would the balance in Sunny Smiles Ltd's lapsed options reserve be?

		12500
		5875
		6250
		17625