Sheridan Limited established a SARs program that entitled its new president, Carol Garcia, to receive cash for the difference between the Sheridan common shares' fair value and a pre-established price of $33 (also fair value on December 31, 2022), on 43,000 SARs. The date of grant is December 31, 2022, and the required employment (service) period is four years. The common shares' fair value fluctuated as follows: December 31, 2023, \$36; December 31, 2024, \$39; December 31, 2025, \$46; December 31, 2026, \$36; and December 31,2027 , \$49. Sheridan recognizes the SARs in its financial statements. Carol exercised half of the SARs on June 1, 2028, when the share price was $47. Assume that Sheridan follows ASPE