Sneed Corporation issues 11,400 shores of $52 par preferred stock for cash at $60 per share. The Journal untry for the transaction will consist of a detit to Cash for $684,000 and a credit or credits to Os Paid in Capital from Preferred Stock for $684,000. OD. Preferred Stock for $684,000. Od Preferred Stock for $92,800 and Paid-In Capital in Excess of Par-Preferred Stock for 191,200. Od. Preferred stock for $592,800 and Retained Earnings for 691.200