Sunset Corporation began operations on January 1, 2020. During the year, the following transactions occurred: Jan 1, 20 Sunset's owners invested $60,000 cash into the company. Feb 24, 20 Mar 3, 20 Mar 16, 20 Mar 20, 20 April 5, 20 How should 0 000 Sunset purchased $8,000 of inventory on open account. Sunset purchased another $5,000 of inventory from the same supplier, on account. The Company paid off all amounts owning to the supplier. The Company sold goods for $12,000 to Sunshine Corporation on account. Sunset pays its owners a dividend of $8,000. the transaction on Jan 1, 2020, be recorded? Increase Retained Earnings $60,000, decrease paid in Capital $60,000 Increase Cash $60,000, Increase Accounts Payable $60,000 Increase Cash $60,000, Increase paid in capital $60,000 Increase paid in capital $60,000, decrease Cash $60,000 Sunset Corporation began operations on January 1, 2020. During the year, the following transactions occurred: Sunset's owners invested $60,000 cash into the company. Jan 1, 20 Feb 24, 20 Sunset purchased $8,000 of inventory on open account. Mar 3, 20 Mar 16, 20 Sunset purchased another $5,000 of inventory from the same supplier, on account. The Company paid off all amounts owning to the supplier. Mar 20, 20 The Company sold goods for $12,000 to Sunshine Corporation on account. April 5, 20 Sunset pays its owners a dividend of $8,000 How should the transaction on Feb 24, 2020 be recorded? O Increase Inventory $8,000, Increase Accounts Payable $8,000 O Increase Unearned income $8,000, Increase Accounts Payable $8,000 O Increase Cash $8,000, Increase Inventory $8,000 O Increase Supplies $8,000, Decrease Cash $8,000