Elias Veturius, Inc., issued 4,000 shares of $30 par value common stock. The journal entry to record this transaction is:

Debit to Cash 160,000 Credit to Common Stock 120,000 credit to Paid-in Capital in Excess of Par Value 40,000

Debit to Cash 160,000 Credit to Common Stock 160,000

Debit to Cash 160,000 Credit to Common Stock 120,000 Credit to Gain on Sale of Stock 40,000

Debit to Cash 160,000 Credit to Common Stock 120,000 Credit to Retained Earnings 40,000