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Bentley Corporation received cash from issuing 16,000 shares of common stock at par on January...

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Accounting

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Bentley Corporation received cash from issuing 16,000 shares of common stock at par on January 1,2024 . The stock has a par value of $0.02 per share. Which is the correct journal entry to record this transaction? A. Cash is debited for $320, and Common Stock - \$0.02. Par Value is credited for $320. B. Cash is debited for \$16,000, Common Stock-\$0,02 Par Value is credited for $320, and Paid-In Capital in Excess of Par-Gommon credited for $15,680. C. Paid - In Capital in Excess of Par - Common is debited for \$15,680, and Common Stock- $0.02 Par Value is credited for $15,680. D. Cash is credited for $16,000 and Common Stock- $0.02 Par Value is debited for $16.000

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