Sneed Corporation issues 11,800 shares of $50 par preferred stock for cash at $70 per share. The entry to record the transaction will consist of a debit to Cash for $826,000 and a credit or credits to a. Preferred Stock for $590,000 and Paid-In Capital in Excess of Par-Preferred Stock for $236,000. b. Paid-In Capital from Preferred Stock for $826,000. c. Preferred Stock for $590,000 and Retained Earnings for $236,000. Od. Preferred Stock for $826,000.