HOID Save & Exit Submit Sylvan Heights Company issues 118,000 shares of preferred stock for $42 per share. The stock has alwed dividend rate of 8% and a par value of $5 per share. The company records the issuance with a debit to Cash for Moniple Choice $500.000 and a credit so Preferred Sock for 800.000, $4.96 millon, a credit to Preferred Stock for $590,000, and a credit to Additional Pardin Capital for 4.37 milion 3590.000. Gebit for $4,37 million to long-term investments, a credit to Preferred Stock for $590.000, and a credit to Additonal Paid in Capital for $4.37 million $496 million and credit to Preferred Stock for $4 96 milion