McMillion Corp. issued 575 shares of $12 par value common stock at $16.00 per share for cash. A) What account/s and amounts would you Debit in this transaction?

B) What account/s and amounts would you Credit in this transaction?

You must answer both A) and B) correctly to receive full credit for this question.

David paid $975,000 for two beachfront lots in coastal south carolina, with the intention of building residential homes on each. two years later, the south carolina legislature passed the beachfront management act, barring any further development of the coast, including david's lots. when david files a complaint to seek compensation for his property, south carolina refuses, pointing to a passage in david's own complaint that states "the beachfront management act [was] properly and validly designed to south carolina's " is south carolina required to compensate david under the takings clause?