Sunland Corporation issues 22400 shares of $50 par value preferred stock for cash at $70 per share. The entry to record the transaction will consist of a debit to Cash for $1568000 and a credit or credits to Paid-in Capital from Preferred Stock for $1568000. O Preferred Stock for $448000 and Paid-in Capital from Preferred Stock for $1120000. O Preferred Stock for $1568000. O Preferred Stock for $1120000 and Paid-in Capital in Excess of Par-Preferred Stock for $448000.

Sunland Corporation issues 22400 shares of $50 par value preferred stock for cashat $70 per share. The entry to record the transaction will consist of a debit to Cash for $1568000 and a credit or credits to Paid in Capital from Preferred Stock for $1568000. Preferred Stock for $448000 and Paid-in Capital from Preferred 5 tock for $1120000. Preferred Stock for $1568000. Preferred Stock for $1120000 and Paid-in Capital in Excess of Par-Preferred Stock for $448000