Sneed Corporation issues 9,700 shares of $49 par preferred stock for cash at $66 per share. The entry to record the transaction will consist of a debit to Cash for $640,200 and a credit or credits to

a.Preferred Stock for $475,300 and Paid-In Capital in Excess of ParPreferred Stock for $164,900.

b.Paid-In Capital from Preferred Stock for $640,200.

c.Preferred Stock for $640,200.

d.Preferred Stock for $475,300 and Retained Earnings for $164,900.