QUESTION 25 On January 1, 2020, Castaway Corp. issued 5,000 shares of preferred stock ($15 par value) at $45 per share. Each share of preferred stock is redeemable at the option of the stockholder at $45 per share. On September 1, 2020, preferred shareholders holding 1,000 shares of preferred stock redeemed their stock. The entry recorded by Castaway Corp. on January 1, 2020, would not include the following: Credit to preferred stock at par value. Credit to additional paid-in capital for the excess of the issuance price over the par value. B. Debit to cash for the issuance price. Credit to a liability for the redemption feature