CH16 On January 1, 2017, Cullumber Corporation granted 4,700 options to executives. Each option entitles the holder to purchase one share of Cullumber's $5 par value common stock at $50 per share at any time during the next 5 years. The market price of the stock is $61 per share on the date of grant. The fair value of the options at the grant date is $165,000. The period of benefit is 2 years. Prepare Cullumber's journal entries for on the grant date, January 1. 2017. Select one: O a. Cash 235,000 Paid-in Capital-Stock Options 24,700 Common Stock 23.500 Paid-in Capital in Excess of Par - Common 236,200 O b. Unearned Compensation 165,000 Common Stock 165,000 OC Compensation Expense 82.500 Paid-in Capital-Stock Options 82.500 O d. No entry CH19