The Sneed Corporation issues 11,300 shares of $49 par preferred stock for cash at $63 per share. The entry to record the transaction will consist of a debit to Cash for $711,900 and a credit or credits to

a.Preferred stock for $553,700 and Paid-in Capital in Excess of Par ValuePreferred Stock for $158,200.

b.Preferred Stock for $711,900.

c.Paid-in Capital from Preferred Stock for $711,900.

d.Preferred Stock for $553,700 and Retained Earnings for $158,200.