Sneed Corporation issues 12,700 shares of $50 par preferred stock for cash at $64 per share. The entry to record the transaction will consist of a debit to Cash for $812,800 and a credit or credits to

a.Preferred Stock for $635,000 and Paid-In Capital in Excess of ParPreferred Stock for $177,800.

b.Preferred Stock for $812,800.

c.Preferred Stock for $635,000 and Retained Earnings for $177,800.

d.Paid-In Capital from Preferred Stock for $812,800.