On December 31, 2016, Flessel plc issues 120,000 share-appreciation rights to its officers entitling them to receive cash for the difference between the market price of its shares and a pre-established price of $10. The fair value of the SARs is estimated to be $4 per SAR on December 31, 2017; $1 on December 31, 2018; $11 on December 31, 2019; and $9 on December 31, 2020. The service period is 4 years, and the exercise period is 7 years. Instructions (8%) Assuming that all 120,000 SARs are exercised, please write the entry on December 31, 2020.