A company issues 1 million shares of preferred shares with a price of $26 per share. How should this issuance of shares be recorded? Multiple Choice Debit cash $24 million; debit treasury shares $2 million; credit preferred shares $26 million. Debit preferred shares $26 million; credit cash $26 million. Debit cash $26 million; credit preferred shares $26 million.

A company issues 1 million shares of preferred shares with a price of $26 per share. How should this issuance of shares be recorded? Multiple Choice Debit cash $24 million; debit treasury shares $2 million; credit preferred shares $26 million. Debit preferred shares $26 million; credit cash $26 million. Debit cash $26 million; credit preferred shares $26 million