quedtion 28

Metlock Corporation issues 44000 shares of $50 par value preferred stock for cash at $60 per share. Recoring the transaction will consist of an increase to Cash for $2640000 and an increasels) to O Preferred Stock for $2200000 and Paid-in Capital in Excess of Par Value-Preferred Stock for $440000 O Paid-in Capital from Preferred Stock for $2640000. O Preferred Stock for $2640000. O Preferred Stock for $2200000 and Retained Earnings for $440000