Media Services' accounting records reflected the following journal entry:

Nov. 1 Cash 14,000

Common Stock ($1 Par) 2,000

Paid-in Capital in Excess of

Par Value 12,000

From the entry, one can conclude that the company:

a. earned $14,000 of revenue.

b. has a $12,000 gain on the sale of its stock.

c. has a $12,000 increase in total paid-in capital.

d. sold 2,000 shares of common stock at $7 per share.