Question: Sandhill Limited established a SARs program that entitled its new president, Dorothy Taylor, to receive cash for the difference between the Sandhill common shares fair

Sandhill Limited established a SARs program that entitled its new president, Dorothy Taylor, to receive cash for the difference between the Sandhill common shares fair value and a pre-established price of $33 (also fair value on December 31, 2022), on 68,600 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, $45; December 31, 2026, $36; and December 31, 2027, $48. Sandhill recognizes the SARs in its financial statements. Dorothy exercised half of the SARs on June 1, 2028, when the share price was $46. Assume that Sandhill follows ASPE.

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