On January 1, 2021, Bonita Industries granted stock options to officers and key employees for the purchase of 18500 shares of the company's $1 par common stock at $20 per share as additional compensation for services to be rendered over the next three years. The options are exercisable during a five-year period beginning January 1, 2024 by grantees still employed by Bonita. The Black-Scholes option pricing model determines total compensation expense to be $191100. The market price of common stock was $26 per share at the date of grant. The journal entry to record the compensation expense related to these options for 2021 would include a credit to the Paid-in CapitalStock Options account for

$38220.

$63700.

$37000.

$0.