Columbia Clay, Inc. issues 1.15 million shares of preferred stock with a par value of $9.50 at its market price of $33.50 per share. The issuance should be recorded with a debit to Cash for: Multiple Choice $38.53 million, a credit to Preferred Stock for $10.93 million, and a credit to Additional Paid-in Capital for $27.60 million. $27.60 million, a credit to Additional Paid-in Capital for $10.93 million, and a credit to Preferred Stock for $38.53 million. $10.93 million and a credit to Preferred Stock for $10.93 million. $38.53 million and a credit to Preferred Stock for $38.53 million