BEE issues 16,000 shares of its no-par common shares on April 1, 2019 for property with an appraisal value of $320,000. The common shares of the company were being traded at $15.50 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, $248,000; CR Gain On Issue Of Shares, $72,000

b. DR Common Shares Receivable, $320,000; CR Common Share Capital, $248,000; CR Contributed Surplus - Common Shares, $72,000

c. DR Property, $320,000; CR Common Share Capital, $248,000; CR Retained Issue Of Shares, $72,000

d. DR Property, $320,000; CR Common Share Revenues, $248,000; CR Gain On Issue Of Shares, $72,000

e. None of the above entries.