If a company issues 10,000 shares of $8 par value common stock at a market price of $120 per share, which of the following is the correct balance sheet entry?

Select one:

A. Increase cash by $1,200,000 and increase paid-in capital by $1,200,000

B. Increase revenues by $1,200,000

C. Increase common stock and cash by $80,000

D. Increase cash by $1,200,000 and increase retained earnings by $1,200,000