At January 1, 2016, Ginobili Company had issued 69,000 executive stock options permitting executives to buy 69,000 shares of stock for $20. The fair value of the options and vesting schedule is estimated as follows: Fair Value per Option $ 5 $ 7 Vesting Amount Date Vesting 10% Dec. 31, 2016 Dec. 31, 2017 30% Dec. 31, 2018 60% $10 Assuming Ginobili prepares its financial statements in accordance with International Financial Reporting Standards, what is the compensation expense related to the options to be recorded in 2016?