The Sneed Corporation issues 10,000 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 $700,000 and a credit or credits to

	a.	Preferred Stock for $700,000.
	b.	Paid-in Capital from Preferred Stock for $700,000.
	c.	Preferred Stock for $500,000 and Retained Earnings for $200,000.
	d.	Preferred stock for $500,000 and Paid-in Capital in Excess of Par ValuePreferred Stock for $200,000.