Question 24 (4 points) Use the following information for items 22, 23, 24 and 25. Golden Rams Corporation was started on January 1, 2020. The corporate charter authorized Golden Rams to issue 100,000 shares of 6%, $50 par cumulative preferred stock and 500,000 shares of $5 par value common stock. What journal entry is needed to record the following transaction? Issued 1,000 shares of preferred stock at $75 per share. Debit: Cash, 75,000; Credit: Preferred Stock, 50,000 and Paid-in Capital in Excess of Par-Preferred Stock, 25,000 Debit: Cash, 75,000; Credit: Preferred Stock, 25,000 and Paid-in Capital in Excess of Par-Preferred Stock, 50,000 Debit: Stock Investment, 75,000; Credit: Common Stock, 50,000 and Paid-in Capital in Excess of Par-Preferred Stock, 25,000 None of the above journal entries are correct