QUESTION 7 The Sneed Corporation issues 10,000 shares of $50 par value preferred stock for cash at $75 per share. The entry to record the transaction will consist of a debit to Cash for $750,000 and a credit or credits to O Preferred Stock for $750,000. O Preferred stock for $500,000 and Paid-in Capital-Preferred Stock for $250,000. O Preferred Stock for $500,000 and Retained Earnings for $250,000. O Paid-in Capital- Preferred Stock for $750,000