Storm Corporation issues 10,000 shares of $10 par value preferred stock for $12 cash per share the Journal entry for the issuance of the preferred stock is:

Select one:

a. Debit to cash $ 120,000, credit to preferred stock $ 120,000

b. Debit to cash $ 120,000, credit to common stock $ 120,000.

c. Debit to cash $ 120,000, credit to common stock $ 100,000 and credited to paid in capital in excess of par value $ 20,000.

d. Debit to cash $ 120,000, credit to preferred stock $ 100,000 and credited to paid in capital in excess of par value $ 20,000.