In January $2024,$ Summit Department Store sells a gift card for $$115$ and receives cash. In February $2024,$ the customer comes back and spends $$85$ of the gift card to purchase a water bottle. What is the financial statement effect of the sale of the gift card in January?

Multiple Choice

Increase assets by $$115$ and increase stockholders' equity by $$115$

Increase assets by $$115$ and increase liabilities by $$115$

Increase assets by $$85,$ decrease liabilities by $$30,$ and increase stockholders' equity by $$115$

Increase assets by $$85,$ increase liabilities by $$115,$ and decrease stockholders equity by $$30$