Columbia Clay, Incorporated issues 1.03 million shares of preferred stock with a par value of $3.50 at its market price of $27.50 per share. The issuance should be recorded with a debit to Cash for: Multiple Choice $24.72 million, a credit to Additional Paid-in Capital for $3.61 million, and a credit to Preferred Stock for $28.33 million, $28.33 million and a credit to Preferred Stock for $28.33 million. O $28.33 million, a credit to Preferred Stock for $3.61 million, and a credit to Additional Paid-in Capital for $24.72 million. O O $3.61 million and a credit to Preferred Stock $3.61 million