Apple Inc.issued 1 million shares of no-par common stock for $10 million.What journal entry is prepared?
A) debit Cash $10 million and credit Paid-in Capital in Excess of Par $10 million
B) debit Cash $10 million and credit Retained Earnings $10 million
C) debit Cash $10 million and credit Paid-in Capital in Excess of Stated Value $10 million
D) debit Cash $10 million and credit Common Stock $10 million
Correct Answer:
Verified
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