company sets 1 milon shares ofcommon stock with a par vabe o

company sets 1 milon shares ofcommon stock with a par vabe of Soa3 for$15 10 trereacton, the company share ro Rco the O debt Cash for $30000, debit Caphal Recevable for s15.r0000, credit Common Stock or $30.00o and credk Additonal Paid-in Cap tal for $15,00,000 O debt Cash for $15.10 millon and credt Common Stock for $15.10 millon. O debt Cash for $.10 milion,credit Common Stock for 130,000 and cedt Additio nal Pad-in Cop tal or Odebt Cash for $30.000 and creat Common Stock for $30,000 $15,070000.

Solution

Answer is Debit cash for 15.10Million, credit common stcok for 30,000 and credit additional paid in capital for 15,070,000 Dear Student Thank you for using Chegg Please find below the answer Statementshowing Computations Paticulars Debit Credit Cash Dr = 1000,000*15.10    15,100,000.00 To Common Stock = 1000,000*.03              30,000.00 To Additional paid in capital=1000,000(15.10-.03)     15,070,000.00