On January 1, 2024, Hugh Morris Comedy Club (HMCC) granted 1.6 million stock options to key executives exercisable for 1.6 million shares of the company's common stock at $26 per share. The stock options are intended as compensation for the next three years. The options are exercisable within a four-year period beginning January 1,2027 , by the executives still in the employ of the company. No options were terminated during 2024. The market price of the common stock was $30 per share at the date of the grant. HMCC estimated the fair value of the options at $15 each. One percent of the options are forfeited during 2025 due to executive turnover. What amount should HMCC record as compensation expense for the year ended December 31,2025 , assuming HMCC chooses the option to record forfeitures as they actually occur? Note: Enter your answers in whole dollars and not in millions of dollars