The Velvet Undergrоund, Inc. hаs the fоllоwing stock option compensаtion plаns. Both plans have a service period of two years from each respective grant date and expire at the end of five years from each respective grant date. 2019 Stock Option Plan: Granted 9,000 options on January 1, 2019 to purchase stock at $30 per share. Fair value of the options was determined to be $108,000. 1,000 options related to this plan expired at the end of 2023. 2022 Stock Option Plan: Granted 20,000 options on January 1, 2022 to purchase stock at $35 per share. Fair value of options was determined to be $280,000. 3,000 options are forfeited in 2023 when an employee resigns from the Company. What amount of compensation expense will the Company report on its 2023 income statement?