Current Attempt in Progress The Sheridan Corporation issues 16400 shares of $100 par value preferred stock for cash at $120 per share. The entry to record the transaction will consist of a debit to Cash for $1968000 and a credit or credits to O Paid-in Capital from Preferred Stock for $1968000. O Preferred Stock for $1640000 and Retained Earnings for $328000. O Preferred Stock for $1968000. Preferred Stock for $1640000 and Paid-in Capital in Excess of Par-Preferred Stock for $328000.