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Elisabeth is an employee of Birch Corporation. On February 1, 2019, she received a nonstatutory stock option from her employer giving her the right to purchase 100 shares of Birch stock for $15 per share. The option is not traded on an established market, and its value could not be readily determined when it was granted. On September 4, 2020, Elisabeth exercised the option and purchased 100 shares of the stock. When she exercised this option, the fair market value of the stock was $45 per share.
How much compensation does Elisabeth include in her 2020 income as a result of exercising this option?
$0
$1,500
$3,000
$4,500
What impact does this have on the planning of an audit engagement? Include in your answer the impact on each area of Audit Risk.
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