Question 5 4 pts On January 1, 2020, Blue Corporation adopted a stock option plan. On July 1, 2020, Blue granted key executives 140,000 stock options with a strike price of $33 per share. Market prices of the stock at various dates were as follows: January 1, 2020 July 1, 2020 December 31, 2020 December 31, 2021 December 31, 2022 $42 per share $45 per share $47 per share $51 per share $54 per share Using the Black-Scholes option pricing model, the value of the stock options on the grant date was $2,100,000. The options are exercisable beginning January 1, 2022. What amount of compensation expense should Blue recognize as a result of this plan for the year ended December 31, 2020? $560,000 $700,000 $1,400,000 $2,100,000