The Northern Corporation issues 7,000 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 $840,000 and a credit or credits to

A. Preferred Stock for $840,000.

B. Paid-in Capital from Preferred Stock $840,000.

C. Preferred Stock for $700,000 and Retained Earnings for $140,000.

D. Preferred Stock for $700,000 and Paid-in Capital in Excess of Par-Preferred Stock for $140,000.