Allred, Inc. issued 15,000 shares of preferred stock for $600,000. The stock had a par value of $40 per share. The journal entry to record this transaction would be 600,000 600,000 O A. Cash Preferred Stock - $40 Par Value OB. Preferred Stock - $40 Par Value Cash 600,000 600.000 660,000 OC. Preferred Stock - $40 Par Value Cash Paid - in Capital in Excess of Par - Preferred 540,000 80,000