The Northern Corporation issues 8,000 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 $960,000 and a credit or credits to

a.Preferred Stock for $960,000.

b.Paid-in Capital from Preferred Stock for $960,000.

c.Preferred Stock for $800,000 and Retained Earnings for $160,000.

d. Preferred Stock for $800,000 and Paid-in Capital in Excess of Par