I guess I'll bite.
1. K can decline the penalty, and take the ball at the dead ball spot.
2. K can accept the penalty. We go back to previous spot, mark off 15 and K gets an automatic first down.
In both cases, clock starts on the snap because we have a new series awarded after a legal kick.
I'm sure it's not that simple. What did I miss?
(Sorry for all the edits, but I'm getting A/B, K/R mixed up.