Apple IncIssued 4 Million Shares of No-Par Common Stock for $4

Multiple Choice

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