Columbia Clay, Inc. issues 1.13 million shares of preferred stock with a par value of $8.50 at its market price of $32.50 per share. The issuance should be recorded with a debit to Cash for: Multiple Choice $9.61 million and a credit to Preferred Stock for $9.61 million $36.73 million, a credit to Preferred Stock for $9.61 million, and a credit to Additional Paid-in Capital for $2712 million. $36.73 million and a credit to Preferred Stock for $36.73 million. $27.12 million, a credit to Additional Paid-in Capital for $9.61 million, and a credit to Preferred Stock for $36.73 million