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