Malaysia Company Ltd Decided to Issue 200 000 Ordinary Shares

Malaysia Company Ltd decided to issue 200 000 ordinary shares for $2.10c each,payable in instalments,40c on application,$1 on allotment and the balance payable at the discretion of the company.Applications were received for 220 000 shares.The shares were allotted by the directors at a meeting held a week after the close of applications.After refunding applications for 20 000 shares the correct journal entry to transfer the application money to the share capital account is:

A) Debit application $88 000; credit trust bank account $88 000
B) Debit trust bank account $80 000; credit share capital account $80 000
C) Debit application $88 000; credit share capital $88 000
D) Debit application $80 000; credit share capital $80 000