1 points QUESTION 30 Presented below is information related to T-Rex Company 1. The company is granted a charter that authorizes issuance of 15,000 shares of $100 par value preferred stock and 40,000 shares of no-par common stock 2. 12,000 shares of common stock are issued to the founders of the orporation for land valued by the board of directors at $400,000. The board establishes a stated value of $10 a share for the common stock. 3. 6,000 shares of preferred stock are sold for cash at $110 per share. 4. The company issues 200 shares of common stock to its attorneys for costs associated with starting the company. At that time, the common stock was selling at $60 per share. Regarding item 3 for T-Rex, the journal entry required would include which of the following? O A Credit to Preferred Stock of $60,000 A Debit to "Paid-in Capital in Excess of Par-Preferred Stock" of $600,000 No journal entry is required A Debit to Cash of $660,000 O