QUESTIONS Jacobs Management Inc. was organized in 2019. Its corporate charter authorized the issuance of 100,000 shares of common stock with a par value of 0.01 per share. On January 1, Jacobs Management Inc. sold and issued 85,000 shares of common stock for cash at 520 per share. What is the correct journal entry the company would record on that date? Dr. Cash $1.700,000 O Cr. Common Stock $850 Cr. Additional Paid-in Capital $1,699,150 Dr. Cash $1.700.000 ob Cr. Common Stock $85.000 Cr. Additional Paid in Capital 51,615,000 Dr. Cash 51.700,000 of Cr. Common Stock $1,700.000 Dr. Cash $85,000 Cr. Common Stock 585,000