Columbia Clay, Inc. issues 1.20 million shares of preferred stock with a par value of $12.00 at its market price of $36.00 per share. The issuance should be recorded with a debit to Cash for: Multiple Choice $43.20 million and a credit to Preferred Stock for $43.20 million. $43.20 million, a credit to Preferred Stock for $14.40 million, and a credit to Additional Paid-in Capital for $28.80 million. $28.80 million, a credit to Additional Paid-in Capital for $14.40 million, and a credit to Preferred Stock for $43.20 million. $14.40 million and a credit to Preferred Stock for $14.40 million