Layton Manufacturing Corp. issues 30,000 shares of $5 par value preferred stock for $100 cash per share. The journal entry to record the transaction will consist of a credit or credits to O A. Preferred Stock for $150,000 and Gain on Sale of Stock for $2,850,000. O B. Preferred Stock for $3,000,000. O C. Cash for $3,000,000. OD. Preferred Stock for $150,000 and Paid in Capital in Excess of Par Value-Preferred Stock for $2,850,000