Hayes Construction Company Issued 1200 Shares of No-Par Common Stock $\begin{array}{llr} \text { Cash } &17,600\\ \text { Common Stock} &&17,600\\\end{array}$

Hayes Construction Company issued 1200 shares of no-par common stock for $17600. Which of the following journal entries would be made if the stock has no stated value? a.
$\begin{array}{llr} \text { Cash } &17,600\\ \text { Common Stock} &&17,600\\\end{array}$

b.
$\begin{array}{llr} \text { Cash } &17,600\\ \text {Common Stock } &&1,200\\ \text { Paid-in Capital in Excess of Par } &&16,400\end{array}$

c.
$\begin{array}{llr} \text {Cash } &17,600\\ \text { Common Stock} &&1,200\\ \text { Paid-in Capital in Excess of Stated Value } &&16,400\end{array}$

d.
$\begin{array}{llr} \text { Common Stock} 17,600&\\ \text { Cash} &&17,600\\\end{array}$