Metlock, Inc. issues 58000 shares of $50 par value preferred stock for cash at $55 per share. The entry to record the transaction will consist of a debit to Cash for $3190000 and a credit or credits to

Metlock, Inc. issues 58000 shares of $50 par value preferred stock for cash at $55 per share. The entry to record the transaction will consist of a debit to Cash for $3190000 and a credit or credits to Preferred Stock for $2900000 and Retained Earnings for $290000. O Preferred Stock for $2900000 and Paid-in Capital in Excess of Par Value-Preferred Stock for $290000. O Paid-in Capital from Preferred Stock for $3190000. Preferred Stock for $3190000