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What is needed in the journal entry to record the issuance

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Problem 1: A company has issued 200,000 new shares to shareholders in exchange for $4,000,000 cash. The shares are $1 par common shares. What is needed in the journal entry to record this issuance of shares?

A. Credit to paid in capital in excess of par for $3,800,000.
B. Credit to common stock, $1 par for $4,000,000
C. Debit to common stock, $1 par for $200,000
D. Debit to paid in capital in excess of par for $4,000,000

Reference no: EM132768660

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