Company A granted options to key officers on January 1, 2020. The options permit holders to acquire 22 million of the company's $3 par common shares for $10 per share within the next six years, but not before January 1, 2023 (the vesting date). The market price of the shares on the date of the grant is $12 per share. The fair value of the 22 million options, estimated by an appropriate option pricing model, is $4 per option.

All options are exercised on April 22, 2024, when the market price is $18 per share. Which of the following are included in the journal entry to record the exercise of the options.

Group of answer choices

A credit to Paid-in capital - excess of par for 418 million

A credit to Paid-in capital - excess of par for 242 million

A credit to Paid-in capital - stock options for 88 million

A credit to Paid-in capital - excess of par for 220 million

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