Peterson, Inc. issued 4,000 shares of preferred stock for $240,000. The stock has a par value of $60 per share. The journal entry to record this transaction would_____. A. debit Cash $240,000 and credit Preferred Stock-$60 Par Value $240,000 B. credit Cash $240,000, debit Preferred Stock-$60 Par Value $4,000, and debit Paid-In Capital in Excess of Par-Preferred $236,000 C. debit Cash $240,000, credit Preferred Stock-$60 Par Value $4,000, and credit Paid-in Capital in Excess of Par-Preferred $236,000 D. credit Cash $240,000 and debit Preferred Stock-$60 Par Value $240,000