Sneed Corporation issues 11,800 shares of $55 par preferred stock for cash at $69 per share. The entry to record the transaction will consist of a debit to Cash for $814,200 and a credit or credits to

a.Preferred Stock for $814,200.

b.Preferred Stock for $649,000 and Paid-In Capital in Excess of ParPreferred Stock for $165,200.

c.Paid-In Capital from Preferred Stock for $814,200.

d.Preferred Stock for $649,000 and Retained Earnings for $165,200.