Apple Inc. issued 5 million shares of no-par common stock for $5 million. What journal entry is prepared?
A) debit Cash $5 million and credit Paid-in Capital in Excess of Par $5 million
B) debit Cash $5 million and credit Retained Earnings $5 million
C) debit Cash $5 million and credit Paid-in Capital in Excess of Stated Value $5 million
D) debit Cash $5 million and credit Common Stock $5 million
Correct Answer:
Verified
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