EXAM 4 20. Logan Corporation issues 70,000 shares of $50 par value preferred stock for cash at $60 per share. The entry to record the transaction will consist of a debit to Cash for $4,200,000 and a credit or credits to a. Preferred Stock for $4,200,000. b. Preferred Stock for $3,500,000 and Paid-in Capital in Excess of Par Value-Preferred Stock for $700,000 c. Preferred Stock for $3,500,000 and Retained Earnings for $700,000. d. Paid-in Capital from Preferred Stock for $4,200,000