Alien World reported the following financial information as at December 31, 2018:

Common capital: 250,000 shares no par issued and outstanding$1,000,000

Preferred capital: 8% 50,000 shares $ 250,000

Retained earnings $ 700,000

Alien World reported a loss of $127,000 for the year. The shares mentioned above were outstanding throughout 2018. The company declared and paid cash dividends of $105,000 for 2018. Dividends had been declared every year except for the two years prior to the current year. [33] Alien World had issued 24,000 shares of its no-par common shares on April 1, 2017 for property with an appraisal value of $320,000. The common shares of the company were being traded at $13.15 each on that day. What is the journal entry required to record the issuance of the shares?

Select one:

a.

DR Common Shares Receivable, $320,000;

CR Common Share Capital, $315,600;

CR Gain On Issue Of Shares, $4,400

b.

DR Common Shares Receivable, $320,000;

CR Common Share Capital, $315,600;

CR Contributed Surplus - Common Shares, $4,400

c.

DR Property, $320,000;

CR Common Share Capital, $315,600;

CR Retained Earnings -Issue Of Shares, $ 4,400

d.

DR Property, $320,000;

CR Common Share Capital, $315,600;

CR Gain On Issue Of Shares, $ 4,400

e.

none of the above entries