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Fastprint Corporation issues 700 shares of $2.00 par preferred stock for $85 a share. How would Fastprint Corporation record the issuance of the preferred stock?

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Fastprint Corporation issues 700 shares of $2.00 par preferred stock for $85 a share. How would Fastprint Corporation record the issuance of the preferred stock? Debit Cash, credit Preferred Stock Debit Preferred Stock, credit Cash Debit Cash and Additional Paid-in Capital, credit Preferred Stock Debit Cash, credit Preferred Stock and Additinal Paid-in Capital Debit Cash, credit Preferred Stock and Gain on Sale of Preferred Stock

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