Sunland Corporation issues 9700 shares of $50 par value preferred stock for cash at $85 per share. The entry to record the transaction will consist of a debit to Cash for $824500 and a credit or credits to Preferred Stock for $339500 and Paid-in Capital from Preferred Stock for $485000. Preferred Stock for $824500. Preferred Stock for $485000 and Paid-in Capital in Excess of Par-Preferred Stock for $339500. Paid-in Capital from Preferred Stock for $824500. Save for Later Attempts: 0 of 1 used Submit Answer