A company sells 1 million shares of common stock with no par value for $15.60 a share. In recording the transaction, it would debit:
A. Cash and credit Additional Paid-in Capital for $15.60 million.
B. Common Stock and credit Cash for $15.60 million.
C. Common Stock and credit Additional Paid-in Capital for $15.60 million.
D. Cash and credit Common Stock for $15.60 million.
Answer: D
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