On January 1, 2021, M Company granted 95,000 stock options to certain executives. The options are exercisable no sooner than December 31, 2023, and expire on January 1 2027. Each option can be exercised to acquire one share of $1 par common stock for $8. An option pricing model estimates the fair value of the options to be $4 on the date of grant. What amount should recognize as compensation expense for 2021? (Round your answer to the nearest dollar amount.) Multiple Choice $63.334 $31667 $126.657 $153 334