The Company issued 20,000 shares of no-par common stock, stated value $20, at $32 cash per share. The journal entry to record this transaction is

Select one:

a. Debit: Cash 640,000 Credit: Common Stock 400,000 Credit: Paid-in Capital in Excess of Stated Value 240,000

b. Debit: Cash 640,000 Credit: Common Stock 640,000

c. Debit: Cash 640,000 Credit: Common Stock 400,000 Credit: Paid-in Capital in Excess of Par Value 240,000