determine the retained earnings balance.

Stockton Company Adjusted Trial Balance December 31 Cash Accounts Receivable 5,298 2,967 Prepaid Expenses 749 Equipment 14,072 Accumulated Depreciation 2,529 Accounts Payable 1,715 Notes Payable 4,065 Common Stock 1,000 Retained Earnings 9,692 Dividends 731 Fees Earned 8,788 Wages Expense 2,443 812 Rent Expense Utilities Expense Depreciation Expense 458 153 Miscellaneous Expense 106 Totals 27,789 27,789 A summary of selected ledger accounts appears below for Alberto's Plumbing Services for the current calendar year-end. 12/31 Common Stock $ 8,0281/1 12/31 $5,402 $ 18,909 6/30 11/30 Retained Earnings $ 2,448 12/31 $ 5,580 $ 8,028 12/31 12/31 Income Summary $14,29812/31 $ 18,909 $ 33,207 Net income for the period is $14,298 $5,402 $18,909 $33,207 The Snow Corporation issues 11,800 shares of $46 par value preferred stock for cash at $68 per share. The entry to record the transaction will consist of a debit to Cash for $802,400. What credit or credits will the entry consist of Select the correct answer. Paid-in Capital from Preferred Stock for $802,400. Preferred stock for $802,400 Preferred stock for $542,800 and Paid-in Capital in Excess of Par Value Preferred Stock for $259,600 Preferred Stock for $542,800 and Retained Earnings for $259,600