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