Pharoah Company issues 74000 shares of $50 par value preferred stock for cash at $65 per share. The entry to record the transaction will consist of a debit to Cash for $4810000 and a credit or credits to Paid-in Capital from Preferred Stock for $4810000. O Preferred Stock for $4810000. Preferred Stock for $3700000 and Paid-in Capital in Excess of Par Value-Preferred Stock for $1110000. Preferred Stock for $3700000 and Retained Earnings for $1110000. Save for Later Attempts: 0 of 1 used Submit