Bandit, Inc $\quad$ $\quad$ $\quad$ $\quad$ Common Stock 285,000
B) Cash 285,000

Bandit, Inc. issued, for $57 per share, 5,000 shares of $30 par value common stock. The journal entry to record this transaction is:

A) Cash 285,000
$\quad$ $\quad$ $\quad$ $\quad$ Common Stock 285,000
B) Cash 285,000
$\quad$ $\quad$ $\quad$ Common Stock 150,000
$\quad$ $\quad$ $\quad$ Paid-in Capital in Excess of Par Value 135,000
C) Cash 285,000
$\quad$ $\quad$ $\quad$ Common Stock 150,000
$\quad$ $\quad$ $\quad$ Retained Earnings 135,000
D) Cash 285,000
$\quad$ $\quad$ $\quad$ Common Stock 150,000
$\quad$ $\quad$ $\quad$ Gain on Sale of Stock 135,000