Acme Corporation issues $70,000$ shares of $$50$ par value preferred stock for cash at $$60$ per share. The entry to record the transaction will consist of a debit to Cash for $$4,200,000$ and a credit or credits to

A$)$ Paid$-$in Capital from Preferred Stock for $$4,200,000.$

B$)$ Preferred Stock for $$3,500,000$ and Paid$-$in Capital in Excess of ParPreferred Stock for $$700,000.$

C$)$ Preferred Stock for $$3,500,000$ and Retained Earnings for $$700,000.$

D$)$ Preferred Stock for $$4,200,000.$