Problem 25-15 (AICPA Adapted) On January 1, 2020, Omega Company granted the chief executive officer (CEO). 80,000 share appreciation rights for past services. The rights are exercisable immediately and expire on December 31, 2021. On exercise, the CEO is entitled to receive cash for the excess of the share market price on exercise date over the market price on grant date. The CEO did not exercise any of the rights in 2020. The CEO exercised the rights on December 31, 2021 when the market price was P115. The market price of the share was P100 on January 1, 2020 and P120 on December 31, 2020. What amount should be recognized as gain on reversal of share appreciation rights in 2021? a. sor 1,600,000 1,200,000 400,000 0