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On January 1, 2017, The One Inc. granted 3,000 share rights to each of its 400 employees, provided that they will stay in the companys

On January 1, 2017, The One Inc. granted 3,000 share rights to each of its 400 employees, provided that they will stay in the company’s employ until the end of 2019. Each right allows the holder to receive cash payment equal to the difference between Nikerrud’s shares at the end of that year and P20, a pre-determined price set by the entity. The rights, once vested, can be exercised until two years after the vesting period. During 2017, 10 employees left The One, and the entity estimates that 30 more employees will leave the entity. The fair value of each right at the end of 2017 was P24.During 2018, another 10 employees left The One, and it estimates that another 10 will leave next year. On this date, the fair value of each right was P25.During 2019, no employee entitled to the share-based payment arrangement left The One, and 100 employees immediately exercised their rights. The fair value of each right at the end of the year was P28, and The One recorded total salaries expense related to the grant amounting to P13,000,000. During 2020, another 100 employees exercised their rights. Each right was paid P28, and the total salaries expense related to the grant recorded by The One during this year amounted to P2,000,000.During 2021, the remaining rights were exercised. Each right was paid 45. 

Determine the fair value of The One’s shares at the end of 2019. (Round the final answer to the nearest centavo.) *

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