Which of the following entries correctly records the application money?

Black Widow Ltd issued a prospectus offering 100,000 ordinary shares at an issue price of $2.50 each, payable $1.50 per share on application and the balance on allotment. The company received applications for 120,000 shares. Which of the following entries correctly records the application money? Select one: O a. DR Cash Trust 180,000 CR Application 180,000 O b. DR Cash Trust 250,000 CR Application 250,000 O C DR Cash 180,000 CR Application 180,000 O d. DR Application 150,000 CR Cash Trust 150,000