A Company Issues 1 Million Shares of Common Stock with a Par

Multiple Choice

A company issues 1 million shares of common stock with a par value of $0.02 for $15 a share.The entry to record this transaction includes a debit to Cash for:

A) $20,000 and a credit to Common Stock for $20,000.
B) $15,000,000 and a credit to Common Stock for $15,000,000.
C) $15,000,000,a credit to Common Stock for $20,000,and a credit to Additional Paid-in Capital for $14,980,000.
D) $20,000,a debit to Capital Receivable for $14,980,000,a credit to Common Stock for $20,000,and a credit to Additional Paid-in Capital for $14,980,000.