Skysong, Inc. issues 54000 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 $4050000 and a credit or credits to Preferred Stock for $4050000. Pald-in Capital from Preferred Stock for $4050000. Preferred Stock for $2700000 and Paid-in Capital in Excess of Par Value-Preferred Stock for $1350000. Preferred Stock for $2700000 and Retained Earnings for $1350000