22. January 1 Corp received $1,000,000 in cash in exchange for stock issued

Jan 3 borrowed $250,000 from the bank 4 year interest at 12% beginning in year 2

Jan 5 Corp purchased equipment to be used in the business for $200,000

Jan 8 Corp purchased inventory costing $200,000 by paying $120,000 in cash, the remainder was put on credit accounts with suppliers

Jan 15 Corp hired five employees costing $2000.000 each employee will be paid $1000 at the end of each month

Jan 30 Corp paid $6,000 cash for one-year insurance policy, the policy period will begin of Feb 1 year 1

What will the impact be of the January 1 event on the company's balance sheet on that date along with an increase to cash of $1,000,000?

A Loan payable will increase $1,000,000

B Retained earnings will increase $1,000,000

C Stockholders equity will increase $1,000,000

D Investments will increase $1,000,000