Minerva, Inc $\quad$ $\quad$ $\quad$ Common Stock 380,000
B) Cash 380,000

Minerva, Inc. issued, for $76 per share, 5,000 shares of $40 par value common stock. The journal entry to record this transaction is:

A) Cash 380,000
$\quad$ $\quad$ $\quad$ Common Stock 380,000
B) Cash 380,000
$\quad$ $\quad$ $\quad$ Common Stock 200,000
$\quad$ $\quad$ $\quad$ Paid-in Capital in Excess of Par Value 180,000
C) Cash 380,000
$\quad$ $\quad$ $\quad$ Common Stock 200,000
$\quad$ $\quad$ $\quad$ Retained Earnings 180,000
D) Cash 380,000
$\quad$ $\quad$ $\quad$ Common Stock 200,000
$\quad$ $\quad$ $\quad$ Gain on Sale of Stock 180,000