CAB Inc. has 1,000 shares of 6%, $100 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2014. What is the annual dividend on the preferred stock? 1) $60 per share. 2) $6,000 in total 3) $600 in total. 4) $0.60 per share. Save Question 49 (1.66 points) Logan Corporation issues 50,000 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 $3,000,000 and a credit or credits to 1) Preferred Stock for $3,000,000. 21 Preferred Stock for $2,500,000 and Paid-in Capital in Excess of Par Value-Preferred Stock for $500,000. 3) Preferred Stock for $2,500,000 and Retained Earnings for $500,000. 4) Paid-in Capital from Preferred Stock for $3,000,00o. Save ed