Apple Inc.issued 4 million shares of no-par common stock for $4 million.What journal entry is prepared?
A) debit Cash $4 million and credit Paid-in Capital in Excess of Par $4 million
B) debit Cash $4 million and credit Retained Earnings $4 million
C) debit Cash $4 million and credit Paid-in Capital in Excess of Stated Value $4 million
D) debit Cash $4 million and credit Common Stock $4 million
Correct Answer:
Verified
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