In recording the transaction, it would debit: Cash and credit Common Stock for $15.50 million.
Based on the information given the common stock does not have stated value, therefore the journal entry will includes a debit to Cash and a credit to Common Stock for $15.50 million calculated as:
Debit Cash $15.50 million
Credit Common Stock $15.50 million
(1 million shares × $15.50 per share)
(To record common stock)
Inconclusion in recording the transaction, it would debit: Cash and credit Common Stock for $15.50 million.
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