Sheffield Corporation issues 11400 shares of $50 par value preferred stock for cash at $70 per share. The entry to record the transaction will consist of a debit to Cash for 5798000 and a credit or credits to Preferred Stock for $798000 Preferred Stock for $228000 and Paid-in Capital from Preferred Stock for $570000. Preferred Stock for $570000 and Paid in Capital in Excess of Par-Preferred Stock for $228000 Pald-in Capital from Preferred Stock for $798000