Western Moving Corporation was organized with authorization to issue 100,000 shares of \(\$ 1\) par value common stock. Forty thousand shares were issued to Tom Morgan, the company's founder, at a price of \(\$ 5\) per share. No other shares have yet been issued. Which of the following statements is true?

a. Morgan owns 40 percent of the stockholders' equity of the corporation.

b. The corporation should recognize a \(\$ 160,000\) gain on the issuance of these shares.

c. If the balance sheet includes retained earnings of \(\$ 50,000\), total paid-in capital amounts to \(\$ 250,000\).

d. In the balance sheet, the Additional Paid-in Capital account will have a \(\$ 160,000\) balance, regardless of the profits earned or losses incurred since the corporation was organized.