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April, Inc. issued 8,000 shares of preferred stock for $496,000. The stock has a par value of $62 per share. The journal entry to record this transaction would A. credit Cash $496,000 and debit Preferred Stock- $62 Par Value $496,000 B. debit Cash $496,000 and credit Preferred Stock $62 Par Value $496,000 C. credit Cash $496,000, debit Preferred Stock $2 Par Value $8,000, and debit Paid - In Capital in Excess of Par-Preferred $488,000 D. debit Cash $496,000, credit Preferred Stock - $62 Par Value $8,000, and credit Paid - In Capital in Excess of Par-Preferred $488,000