Answer the following question:

Kentucky Incorporated is authorized to issue 20,000 common shares. During the year it sold and issued 5,000 common shares for $10 cash per share. What will be the correct entry to record this transaction?

a) Debit cash $50,000; debit share receivable $150,000; credit common shares $200,000

b) Debit cash $200,000; credit common shares $200,000

c) Debit cash $50,000; credit common shares $50,000

d) Debit cash $50,000; credit retained earnings $50,000

e) Debit cash $50,000; credit contributed surplus $50,000