On January 1 Hocus Pocus Inc. granted stock options allowing selected executives to purchase 5,000 shares of stock at $15 per share. The stock has a $5 par value per share. The options cannot be exercised until five years of service have been completed. The market price at the time the options were granted was $25 per share; the value of an option on the grant date was calculated to be $9 using the Black-Scholes option pricing model. Focus uses the FASB's fair value approach. For the current year Hocus Pocus should report compensation expense related to the options in the amount of $45,000 O $10,000 $9,000 Some other answer not given $50,000