April, Inc. issued 7,000 shares of preferred stock for $427,000. The stock has a par value of $61 per share. The journal entry to record this transaction would O A. credit Cash $427,000, debit Preferred Stock-$61 Par Value $7,000, and debit Paid - In Capital in Excess of Par-Preferred $420,000 OB. credit Cash $427,000 and debit Preferred Stock-$61 Par Value $427,000 O c. debit Cash $427,000, credit Preferred Stock-$61 Par Value $7,000, and credit Paid - in Capital in Excess of Par-Preferred $420,000 OD. debit Cash $427,000 and credit Preferred Stock-$61 Par Value $427,000