Splish Brothers Inc issues 47000 shares of $100 par value preferred stock for cash at $120 per share. The entry to record the transaction will consist of a debit to Cash for $5640000 and a credit or credits to O Paid-in Capital from Preferred Stock for $5640000 Preferred Stock for $5640000, O Preferred Stock for $4700000 and Retained Earnings for $705000, O Preferred Stock for $4700000 and Pald-in Capital in Excess of Par Value--Preferred Stock for $940000