On January 1, 2018, Illusions, Inc B) C) $$\begin{array} { | l | r | r | } \hline \text { Cash } & 150,000 & \\\hline \text { Callable Stock } & & 150,000 \\\hline\end{array}$$

On January 1, 2018, Illusions, Inc. issued 900 shares of $90 par value, callable preferred shares for $150,000. Illusions has the right to call the shares on January 1, 2019 for $100 per share. What is the necessary journal entry to record the issuance of the callable shares?

A) $$\begin{array} { | l | l | l | } \hline \text { Cash } & 150,000 & \\\hline \text { Preferred Stock-\$90 Par } & & 69,000 \\\hline \text { Add. Paid-in Capital in Excess of Par-Preferred } & & 81,000 \\\hline\end{array}$$
B) $$\begin{array} { | l | r | l | } \hline \text { Cash } & 150,000 & \\\hline \text { Preferred Stock } - \$ 90 \text { Par } & & 150,000 \\\hline\end{array}$$
C) $$\begin{array} { | l | r | r | } \hline \text { Cash } & 150,000 & \\\hline \text { Callable Stock } & & 150,000 \\\hline\end{array}$$
D) $$\begin{array} { | l | l | l | } \hline \text { Cash } & 150,000 & \\\hline \text { Preferred Stock-\$90 Par } & & 81,000 \\\hline \text { Add. Paid-in Capital in Excess of Par-Preferred } & & 69,000 \\\hline\end{array}$$