17.

Sneed Corporation issues 10,000 shares of $50 par preferred stock for cash at $75 per share. The entry to record the transaction will consist of a debit to Cash for $750,000 and a credit or credits to

a.Preferred Stock for $500,000 and Paid-In Capital in Excess of ParPreferred Stock for $250,000

b.Preferred Stock for $750,000

c.Paid-In Capital from Preferred Stock for $750,000

d.Preferred Stock for $500,000 and Retained Earnings for $250,000