Mustang Company issued 500 shares of its $1 par value common stock and 100 shares of $100 par value perferred stock for a lump sum of $60,000. The common shares are currently trading on the market for $95 per share. This is the first issue of the perferred shares. Which of the following would be included in the journal entry to record this issue?

a. Debit common stock $500

b. Debit cash $10,500

c. Credit common stock $47,500

d. Credit paid-in capital-excess par, perferred $2,500