Current Attempt in Progress Pharoah Company issues 49000 shares of $100 par value preferred stock for cash at $125 per share. The entry to record the transaction will consist of a debit to Cash for $6125000 and a credit or credits to Preferred Stock for $6125000 O Paid-in Capital from Preferred Stock for $6125000, O Preferred Stock for $4900000 and Retained Earnings for $918750. O Preferred Stock for $4900000 and Paid in Capital in Excess of Par Value -- Preferred Stock for $1225000