Kailey, Inc $\quad$ $\quad$ $\quad$ Common Stock 640,000
B) Cash 640,000

Kailey, Inc. issued 20,000 shares of no-par common stock, stated value $20, at $32 cash per share. The journal entry to record this transaction is:

A) Cash 640,000
$\quad$ $\quad$ $\quad$ Common Stock 640,000
B) Cash 640,000
$\quad$ $\quad$ $\quad$ Common Stock 400,000
$\quad$ $\quad$ $\quad$ Paid-in Capital in Excess of Par Value 240,000
C) Cash 640,000
$\quad$ $\quad$ $\quad$ Common Stock 400,000
$\quad$ $\quad$ $\quad$ Retained Earnings 240,000
D) Cash 640,000
$\quad$ $\quad$ $\quad$ Common Stock 400,000
$\quad$ $\quad$ $\quad$ Paid-in Capital in Excess of Stated Value 240,000