A company issues 1.04 million shares of preferred stock with a par value of $4.00 at its market price of $28.00 per share. The issuance should be recorded with a debit to Cash for:

a)$29.12 million, a credit to Preferred Stock for $4.16 million, and a credit to Additional Paid-in Capital for $24.96 million.

B)$29.12 million and a credit to Preferred Stock for $29.12 million.

C)$4.16 million and a credit to Preferred Stock for $4.16 million.

D)$24.96 million, a credit to Additional Paid-in Capital for $4.16 million, and a credit to Preferred Stock for $29.12 million.