Elijah, Inc $\quad$ $\quad$ $\quad$ Common Stock 1,920,000
B) Cash 1,920,000

Elijah, Inc. issued 20,000 shares of no-par common stock, stated value $60, at $96 cash per share. The journal entry to record this transaction is:

A) Cash 1,920,000
$\quad$ $\quad$ $\quad$ Common Stock 1,920,000
B) Cash 1,920,000
$\quad$ $\quad$ $\quad$ Common Stock 1,200,000
$\quad$ $\quad$ $\quad$ Paid-in Capital in Excess of Par Value 720,000
C) Cash 1,920,000
$\quad$ $\quad$ $\quad$ Common Stock 1,200,000
$\quad$ $\quad$ $\quad$ Retained Earnings 720,000
D) Cash 1,920,000
Common Stock 1,200,000
$\quad$ $\quad$ $\quad$ Paid-in Capital in Excess of Stated Value 720,000