In January $2024,$ Summit Department Store sells a gift card for $$105$ and receives cash. In February $2024,$ the customer comes back and spends $$75$ of the gift card to purchase a water bottle. What is the financial statement effect of the customer's purchase of the water bottle in February?

Multiple Choice

Increase assets by $$75$ and increase stockholders' equity by $$75$

Increase assets by $$30,$ decrease liabilities by $$75,$ and increase stockholders' equity by $$105$

Increase assets by $$30,$ decrease liabilities by $$105,$ and increase stockholders equity by $$75$

Decrease liabilities by $$75$ and increase stockholders' equity by $$75$