Sneed Corporation issues 10,100 shares of s50 par preferred stock for cash at s6s per share. The entry to record the transaction will consist of a debit to Cash for $656,500 and a credit or credits to a. Preferred Stock for $656,500. Ob. preferred Stock for $505,000 and Paid-in Capital in Excess of Par-Preferred Stock for S 151,500. c. Preferred Stock for $505,000 and Retained Earnings for $151,500. Od. Paid-In Capital from Preferred Stock for $656,500