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Mayco issues 10,000 shares of $50 par value preferred stock for cash at $80 per share. The entry to record the transaction will consist of a debit to Cash for $800,000 and a credit or credits to Preferred Stock for $800,000. Preferred Stock for $300,000 and Paid-in Capital from Preferred Stock for $500,000. Paid-in Capital from Preferred Stock for $800,000. Preferred Stock for $500,000 and Paid-in Capital in Excess of Par-Preferred Stock for $300,000