Teal Mountain Corporation issues 34000 shares of $100 par value preferred stock for cash at $105 per share. Recording the transaction will consist of an increase to Cash for $3570000 and increases to

Paid-in Capital from Preferred Stock for $3570000.

Preferred Stock for $3400000 and Paid-in Capital in Excess of Par ValuePreferred Stock for $170000.

Preferred Stock for $3400000 and Retained Earnings for $127500.

Preferred Stock for $3570000.