Ripen, Inc., issued for $20 per share 4,000 shares of $15 par value common stock. The entry to record this transaction includes:
A) An increase to Cash for 80,000; and an increase to Common Stock for 80,000
B) An increase to Cash for 80,000; and an increase to Common Stock for 60,000 and an increase to Paid-in Capital in Excess of Par Value for 20,000
C) An increase to Cash for 80,000; and an increase to Common Stock for 60,000 and an increase to Retained Earnings for 20,000
D) An increase to Cash for 80,000; and an increase to Common Stock for 60,000 and an increase to Gain on sale of stock for 20,000
E) None of the above
Correct Answer:
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