Sunland Limited established a share appreciation rights (SARs) program that entitled its new president, Angela Murfitt, to receive cash for the difference between the Sunland Limited common shares' fair value and a pre-established price of $31 (also fair value on December 31, 2019), on 48,700 SARs. The date of grant is December 31, 2019, and the required employment (service) period is four years. The common shares' fair value fluctuated as follows: December 31, 2020, $36; December 31, 2021, $41; December 31, 2022, $46; December 31, 2023, $36; and December 31, 2024, $49. Sunland Limited recognizes the SARs in its financial statements. Angela Murfitt exercised half of the SARs on June 1, 2025, when the share price was $47. Assume that Sunland follows ASPE.

(a)

make a five-year (2020 to 2024) schedule of compensation expense pertaining to the 48,700 SARs granted to Murfitt.