Sheffield Corp. issues 40000 shares of $100 par value preferred stock for cash at $110 per share. The entry to record the transaction will consist of a debit to Cash for $4400000 and a credit or credits to

Preferred Stock for $4000000 and

 Retained Earnings for $300000.

Preferred Stock for $4400000.

Paid-in Capital from Preferred Stock for $4400000.

Preferred Stock for $4000000 and Paid-in Capital in Excess of Par Value—Preferred Stock for $400000.