Blossom Company issues 71000 shares of $50 par value preferred stock for cash at $55 per share. The entry to record the transaction will consist of a debit to Cash for $3905000 and a credit or credits to

A Paid-in Capital from Preferred Stock for $3905000.

B Preferred Stock for $3905000.

C Preferred Stock for $3550000 and Paid-in Capital in Excess of Par ValuePreferred Stock for $355000.

D Preferred Stock for $3550000 and Retained Earnings for $355000.