On January 1, 2020, Sandhill Corp. granted stock options to its chief executive officer. This is the only stock option plan that Sandhill offers and the details are as follows:

Option to purchase:		2,400 common shares
Option price per share:		$36.00
Fair value per common share on date of grant:		$28.40
Stock option expiration:		The earlier of eight years after issuance or the employees cessation of employment with Sandhill for any reason other than retirement
Date when options are first exercisable:		The earlier of four years after issuance or the date on which the employee reaches the retirement age of 65
Fair value of options on date of grant:		$8.00

On January 1, 2025, 1,920 of the options were exercised when the fair value of the common shares was $39. The remaining stock options were allowed to expire. The CEO remained with the company throughout the period.

Assume that the entity follows ASPE and has decided not to include an estimate of forfeitures upon initial recognition of the compensation expense. Record the journal entry on January 1, 2025, the exercise date.